Nigeria’s SEC Admits Seven More Crypto Firms Into Regulatory Sandbox

Add us on Google

Nigeria’s Securities and Exchange Commission (SEC) has admitted seven additional digital asset companies into its Accelerated Regulatory Incubation Programme (ARIP), expanding regulatory oversight of the country’s fast-growing cryptocurrency industry.

According to the SEC, the companies have received Approval-in-Principle (AIP), allowing them to operate within the Commission’s regulatory sandbox while their operations, governance structures and compliance systems are assessed before any decision on full licensing is made.

The newly admitted firms are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd.

The approvals represent another step in the SEC’s efforts to establish a formal regulatory framework for Nigeria’s digital asset market, following the introduction of the ARIP to bring cryptocurrency businesses under regulatory supervision.

The Commission clarified that an Approval-in-Principle does not amount to a full operating licence. Instead, participating firms are expected to operate within defined regulatory conditions while demonstrating compliance with the Commission’s rules and investor protection requirements.

The latest approvals come as Nigeria continues to refine its approach to regulating digital assets after years of uncertainty surrounding the sector. The SEC has increasingly adopted a sandbox model, allowing innovative financial technology companies to test products and services under regulatory oversight before obtaining full authorisation.

Industry observers say the programme could strengthen investor confidence by providing greater regulatory clarity for businesses operating in Nigeria’s digital asset ecosystem. It also offers regulators an opportunity to monitor emerging technologies while balancing innovation with consumer protection.

The inclusion of companies such as Luno and GetEquity further signals growing engagement between regulators and digital asset firms as Nigeria seeks to position itself as one of Africa’s leading regulated cryptocurrency markets.

The SEC has maintained that its regulatory framework is designed to encourage responsible innovation while ensuring market integrity and safeguarding investors participating in the country’s evolving digital asset industry.