Nigeria’s Securities and Exchange Commission (SEC) has admitted three virtual asset service providers, including Blockchain, into its Accelerated Regulatory Incubation Programme (ARIP), in a move that signals growing regulatory attention on the country’s fast-expanding cryptocurrency market. Pisi Payments Solution Limited and Yellow Card Financial Limited were also admitted into the programme, giving the companies an Approval-in-Principle to operate within the SEC’s defined regulatory framework.
The approval, however, does not amount to a full operating licence. Instead, the three companies will operate within a controlled regulatory environment while demonstrating their ability to meet the SEC’s operational, compliance and supervisory requirements. The programme allows the regulator to closely assess how digital asset businesses operate, identify potential risks and develop appropriate rules for an industry that has expanded rapidly across Nigeria.
For Blockchain, the admission represents an important step in strengthening its presence in one of Africa’s most active digital asset markets. The company’s General Manager for Africa, Owen Odia, described the development as a significant milestone, saying participation in the SEC’s programme would allow Blockchain to work directly with Nigerian regulators as they evaluate digital asset business models and develop stronger safeguards for users.
The SEC’s ARIP is designed to function as a regulatory sandbox, giving fintech and virtual asset companies an opportunity to test products and services under regulatory supervision before seeking full authorisation. The approach is expected to help regulators balance innovation with consumer protection, transparency and measures aimed at preventing financial crimes, including money laundering. For companies such as Blockchain, the programme also provides a clearer pathway for operating within Nigeria’s evolving digital asset regulatory landscape.
Blockchain said Nigeria remains a key part of its African expansion strategy, pointing to strong demand for digital assets and the country’s increasingly defined regulatory environment. Founded in 2011, the company says it has more than 95 million wallets and over 44 million confirmed accounts, with more than $1.2tn processed through its platform across more than 70 jurisdictions. Its admission into the SEC’s programme, alongside Pisi Payments and Yellow Card, could mark another major step toward bringing Nigeria’s cryptocurrency sector under a more structured and closely supervised regulatory framework.
source: punch
