JamzNG Latest News, Gist, Entertainment in Nigeria
The Nigerian Securities and Exchange Commission (SEC) has approved Koinkoin Global Network Limited, GIGX Technologies, Blockvault Custodian Ltd, and six other Virtual Asset Service Providers (VASP) into the Accelerated Regulatory Incubation Program (ARIP).
The SEC granted Approval in Principle to nine entities, allowing them to begin operating within its regulatory framework.
The commission, which made the announcement in two separate statements, said ARIP strengthens its commitment to driving responsible innovation that deepens Nigeria’s capital markets while safeguarding investors’ interests.
The approval, according to the regulator, is to encourage responsible innovation that deepens Nigeria’s capital markets while safeguarding investors’ interests.
The nine entities are:
Bitbarter Technology Limited
Luno Fintech Nigeria Limited
GIGX Technology
Get Limited Equity
Koinkoin Global Network Limited
KuCoin Nigeria Limited
Wrapped CBDC Ltd
Trovotech Ltd
Blockvault Custodian Ltd
A VASP is any business that facilitates crypto-related activities, such as the exchange, transfer, storage, or management of digital assets such as cryptocurrencies and NFTs.
This is subject to strict global guidelines set by the Financial Action Task Force (FATF) on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
In Nigeria, the SEC regulates the industry through ARIP, providing an Approval in Principle (AIP) approved platform that allows them to operate legally within the scope of the defined Program and subject to conditions set by the Commission.
Approval in Principle confirms that an entity has met the Commission’s acceptance requirements for the Program.
ARIP is an innovative regulatory environment designed to accelerate the acceptance of digital assets and other investment service providers (such as Virtual Asset Service Providers and tokenized product platforms) through a controlled regulatory framework.
This allows the Commission to assess new business models and technologies in a controlled regulatory environment to ensure appropriate safeguards are in place to protect investors and maintain market integrity before these products and services are offered to the investing public.
