Nigeria’s digital asset industry has received a significant boost as the Securities and Exchange Commission (SEC) granted Approval-in-Principle (AIP) to seven cryptocurrency and blockchain-focused companies under its Accelerated Regulatory Incubation Programme (ARIP). The move expands the number of firms operating within the Commission’s regulatory sandbox and signals continued efforts to bring greater structure and oversight to the country’s fast-growing crypto sector.
The newly admitted firms include Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd. According to the SEC, the approvals allow the companies to operate within the programme’s defined scope while remaining subject to strict regulatory, operational, and supervisory requirements. The regulator emphasized that the Approval-in-Principle is not a final licence but an important step toward full regulatory authorization.
In a statement released on Friday, the SEC noted that the latest admissions reflect its commitment to encouraging responsible innovation while safeguarding investors and maintaining market integrity. The Commission explained that each company successfully met the requirements for participation in the programme, which serves as a controlled environment for testing emerging digital asset products and services before they receive full approval.
One of the approved firms, Luno Nigeria, described the approval as a major milestone in its regulatory journey. Chief Executive Officer Ayotunde Alabi said the development validates the company’s commitment to building responsibly in one of Africa’s most active cryptocurrency markets. He added that clearer regulations would strengthen customer confidence, improve partnerships with institutions, and support the company’s plans to expand into business-to-business digital asset services.
The latest approvals build on earlier regulatory efforts that saw crypto exchanges Quidax and Busha admitted into the SEC framework in 2024. As one of Africa’s largest cryptocurrency markets, Nigeria continues to witness strong digital asset adoption despite previous regulatory uncertainty. Through the ARIP programme, the SEC aims to create a transparent and structured environment that promotes innovation, protects investors, and positions Nigeria as a leading hub for digital finance and blockchain technology on the continent.
source: nairametrics
