By Ayo Kehinde
The Securities and Exchange Commission (SEC) has granted Approval-in-Principle (AIP) to seven digital asset companies under its Accelerated Regulatory Incubation Programme (ARIP), expanding the number of firms operating within its regulatory sandbox as Nigeria strengthens oversight of the cryptocurrency sector.
The newly admitted companies are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd.
In a statement issued on Friday, the SEC said the approvals confirm that the firms have met the admission requirements for participation in the programme.
However, it stressed that the approvals do not constitute full operating licences.
According to the Commission, the Approval-in-Principle remains conditional on each firm’s continued compliance with applicable regulatory, operational and supervisory requirements.
The SEC said the latest admissions reflect its commitment to fostering responsible innovation while ensuring investor protection and preserving market integrity.
One of the approved firms, Luno, described the approval as a major milestone following an extensive engagement process with the regulator.
The company said the decision provides a clearer regulatory pathway for its operations in Nigeria.
Chief Executive Officer of Luno Nigeria, Ayotunde Alabi, said the approval validates the company’s commitment to building responsibly in one of Africa’s largest cryptocurrency markets.
He added that it would strengthen Luno’s engagement with retail and institutional clients while supporting its expansion into business-to-business digital asset services.
The latest approvals build on the Commission’s earlier admission of Quidax and Busha into the ARIP framework in 2024.
The Accelerated Regulatory Incubation Programme serves as the SEC’s regulatory sandbox, allowing digital asset service providers to operate under controlled conditions while the commission assesses their business models and emerging technologies before granting full licences.
Nigeria remains one of Africa’s largest cryptocurrency markets, with regulatory reforms aimed at creating a structured framework for virtual asset service providers while promoting innovation and investor confidence.
