The Securities and Exchange Commission (SEC) has admitted seven new companies into its Accelerated Regulatory Incubation Programme (ARIP), expanding the number of digital asset firms operating under its regulatory sandbox as Nigeria continues efforts to formalise oversight of the sector.
The Commission disclosed this in a statement issued on Friday, noting that the newly admitted firms would receive Approval-in-Principle (AIP), allowing them to operate within the defined scope of the programme, subject to regulatory and supervisory conditions.
The seven companies are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd.
The latest approval follows the SEC’s admission of Quidax and Busha into its regulatory framework in August 2024, as the Commission continues efforts to formalise oversight of Nigeria’s digital asset industry.
According to the SEC, the Approval-in-Principle confirms that each company has satisfied the admission requirements for participation in the programme.
However, the regulator stressed that the approval does not amount to a final operating licence.
“An Approval-in-Principle confirms that an entity has satisfied the Commission’s admission requirements for the Programme. Please note that it is not a final licence and remains conditional on the entity’s continued compliance with all applicable regulatory, operational, and supervisory obligations,” the Commission said.
The SEC added that the latest admissions reflect its commitment to promoting responsible innovation while protecting investors and preserving market integrity
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