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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 Program (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 released Friday, the SEC said the approvals confirm that the companies have met the eligibility requirements for participation in the program.
However, he stressed that the approvals do not constitute full operating licenses.
According to the Commission, approval in principle remains subject to each undertaking’s continued compliance with applicable regulatory, operational and supervisory requirements.
The SEC said the latest admissions reflect its commitment to promoting responsible innovation while ensuring investor protection and preserving market integrity.
One of the approved companies, Luno, described the approval as an important milestone following an extensive engagement process with the regulator.
The company said the decision provides a clearer regulatory path for its operations in Nigeria.
Luno Nigeria CEO 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 previous admission of Quidax and Busha into the ARIP framework in 2024.
The Accelerated Regulatory Incubation Program serves as the SEC’s regulatory sandbox, allowing digital asset service providers to operate under controlled conditions while the commission evaluates their business models and emerging technologies before granting full licenses.
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.
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