SEC admits 3 more crypto firms, ARIP participants rise to 14

The Securities and Exchange Commission has cleared three additional Virtual Asset Service Providers into its Accelerated Regulatory Incubation Programme, bringing the number of digital asset firms under its structured oversight to 14.

The newly admitted firms are Pisi Payments Solution Limited, BC Access Nigeria Limited, which operates as Blockchain.com, and Yellow Card Financial Limited. The three entities will receive Approval in Principle, permitting them to operate within the defined scope of the programme and subject to conditions set by the Commission.

What the regulator said

“This development means that 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,” the SEC stated.

The SEC clarified that an Approval in Principle is not a final operating licence. It confirms that an entity has met the Commission’s requirements for admission into the programme and remains conditional on continued compliance with regulatory, operational and supervisory obligations.

The regulator said the latest admission reinforces its commitment to fostering responsible innovation in Nigeria’s capital market while maintaining investor protection and market integrity.

Blockchain.com reacts

One of the new entrants, Blockchain, said the clearance allows the crypto exchange to work directly with the SEC as the Commission evaluates digital asset business models, tests safeguards and develops a long-term regulatory framework.

“Nigeria is one of Africa’s most important digital asset markets and participating in the SEC’s ARIP is an important step forward in our long-term commitment to the country. The programme gives us the opportunity to work directly with the SEC in a controlled environment, bring our global experience to the Nigerian market and help support a framework that protects consumers while enabling responsible innovation,” said Owen Odia, General Manager for Africa at Blockchain.com.

How ARIP expanded

Earlier in July, the SEC admitted seven companies into the ARIP, expanding the number of digital asset firms to nine. They are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd.

The SEC later added GIGX Technologies and KuCoin Nigeria Limited. Before that, the Commission issued an Approval in Principle to Quidax and Busha in 2024, making them the first officially recognised crypto firms in the country.

Nigeria has also tightened crypto oversight with the recent release of Guidelines on the Taxation of Virtual Assets. The guidelines apply to companies, individual taxpayers, Virtual Asset Service Providers, peer-to-peer marketplace operators, and other participants in Nigeria’s digital asset ecosystem. Medium and large companies earning profits from cryptocurrency and other virtual asset transactions face a 30% income tax on their crypto gains.

What ARIP means

The SEC’s Accelerated Regulatory Incubation Programme is designed to accelerate the onboarding of digital asset and investment service providers through a controlled regulatory sandbox. It allows the SEC to assess emerging business models and technologies before such products are offered to the investing public.

For crypto businesses, the move signals clearer regulatory direction and a formal path to operate in Nigeria. For consumers, it means more oversight aimed at protecting investors while the market develops.