The Securities and Exchange Commission (SEC) has granted Approval-in-Principle (AIP) to seven new digital asset companies under its Accelerated Regulatory Incubation Programme (ARIP), expanding Nigeria’s regulated crypto ecosystem.
The Commission announced the development on Friday, saying the approvals allow the firms to operate within the regulatory sandbox under strict supervision while working toward full licensing.
The Seven Newly Approved Companies:
– Bitbarter Technologies Limited
– Luno Fintech Nigeria Limited
– GetEquity Limited
– Koinkoin Global Network Limited
– Wrapped CBDC Ltd
– Trovotech Ltd
– Blockvault Custodian Ltd
The SEC clarified that the Approval-in-Principle confirms each company has met the admission requirements for the ARIP programme. However, it is not a final operating licence and remains conditional on continued compliance with all regulatory, operational, and supervisory rules.
The move reflects the SEC’s commitment to fostering responsible innovation while safeguarding investors and maintaining market integrity.
This latest batch follows the SEC’s approval of Quidax and Busha in August 2024. Earlier, the Commission had also admitted firms such as Trovotech Ltd and Wrapped CBDC Ltd (now receiving full AIP) into its incubation programmes.
Luno Fintech Nigeria, one of the approved companies, described the approval as a significant milestone. The company, which has operated in Nigeria since 2015, said the regulatory clarity will support its expansion, particularly into business-to-business (B2B) services. “This is an important milestone for Luno Nigeria and a strong validation of our commitment to building responsibly in one of Africa’s most important cryptocurrency markets,” said Ayotunde Alabi, Luno Nigeria CEO.
Luno plans to expand offerings for institutional clients, including digital asset infrastructure, stablecoin applications, treasury solutions, and crypto-as-a-service products.
The ARIP is the SEC’s regulatory sandbox designed to fast-track the onboarding of digital asset and investment service providers. It allows the Commission to test new technologies and business models under controlled conditions before issuing full licences.
Nigeria remains one of Africa’s largest cryptocurrency markets. This structured regulatory approach aims to reduce uncertainty, protect investors, and support sustainable growth in the sector.
The SEC has indicated that more approvals will be granted on a case-by-case basis as other applications are assessed.
