ABUJA, Nigeria (VOICE OF NAIJA)-The Securities and Exchange Commission has admitted seven digital asset firms into its Accelerated Regulatory Incubation Programme, an initiative created to bring cryptocurrency and blockchain operators under formal regulatory oversight before issuing full operating licences.
The framework allows Nigeria’s capital market regulator to monitor and assess digital asset operators under real market conditions before determining their eligibility for full authorisation, according to a statement published on the commission’s website on Friday.
The SEC said the companies had received approval-in-principle, allowing them to operate within a defined regulatory framework while they undergo evaluation for compliance with governance, regulatory and risk management requirements.
The firms admitted into the programme are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd and Blockvault Custodian Ltd.
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According to the commission, the incubation programme is part of its wider strategy to formalise Nigeria’s rapidly expanding digital asset industry, which has continued to grow despite regulatory uncertainty and previous restrictions placed on banks’ involvement with cryptocurrency transactions.
Through the ARIP framework, participating firms are permitted to operate in a supervised environment while the commission evaluates their business operations, including asset custody procedures and measures to prevent fraud, market abuse and operational risks.
“These entities would receive the Commission’s approval-in-principle, permitting them to operate within the defined scope of the Programme and subject to conditions stipulated by the Commission. An approval-in-principle confirms that an entity has satisfied the Commission’s admission requirements for the Programme,” the regulator said.
The SEC clarified that approval-in-principle should not be regarded as a full operating licence or interpreted as a final regulatory endorsement.
It explained that participating firms must satisfy additional conditions during the incubation period before they can receive full authorisation.
The latest admissions follow the commission’s earlier approval of Quidax and Busha into the programme in August 2024, reflecting its continued efforts to establish a structured licensing framework for digital asset service providers in Nigeria.
The commission reiterated its commitment to promoting innovation that supports efficiency, transparency, financial inclusion and sustainable development within the capital market.
“Through initiatives such as ARIP, the SEC continues to encourage responsible technological advancement alongside investor protection guardrails and market discipline,” it said. “Members of the investing public are strongly advised to verify the regulatory status of anyone promoting investment products or services through the Commission’s official channels before engaging.”
Nigeria’s increased regulatory scrutiny of the cryptocurrency industry follows the exit of Binance from the country, an event widely regarded as a major shift in the government’s enforcement approach toward digital asset platforms.
Authorities had accused Binance of contributing to pressure on the naira, claims that heightened scrutiny of cryptocurrency trading and accelerated regulatory reforms.
Since then, regulators have introduced stricter registration requirements, mandatory re-registration of operators and tighter licensing rules as part of efforts to bring all participants in the digital asset market under formal regulatory supervision.