According to a statement issued by the SEC on Friday, the newly admitted firms have met the requirements to participate in the regulatory sandbox and are permitted to operate within the programme’s approved scope, subject to ongoing regulatory supervision.
The seven companies granted Approval-in-Principle are:
- Bitbarter Technologies Limited
- Luno Fintech Nigeria Limited
- GetEquity Limited
- Koinkoin Global Network Limited
- Wrapped CBDC Ltd
- Trovotech Ltd
- Blockvault Custodian Ltd
The approvals increase the number of crypto-related companies operating within the SEC’s supervised regulatory environment as Nigeria continues to formalize oversight of the fast-growing digital asset sector.
Approval Is Not a Full Operating Licence
The SEC clarified that Approval-in-Principle should not be interpreted as a permanent operating licence.
According to the Commission, the approval confirms that each company has fulfilled the admission requirements for participation in the programme but must continue to comply with all regulatory, operational, and supervisory obligations before becoming eligible for full registration.
The regulator emphasized that firms admitted into ARIP remain under continuous oversight throughout the incubation period.
SEC Pushes Responsible Innovation
The Commission said the expansion of the programme demonstrates its commitment to encouraging responsible innovation while safeguarding investors and maintaining confidence in Nigeria’s capital market.
The regulatory sandbox allows emerging financial technology firms to test products and services within a controlled environment before receiving full authorization.
Luno Describes Approval as Major Milestone
One of the newly approved firms, Luno Fintech Nigeria Limited, welcomed the development, describing it as a significant milestone in its Nigerian operations.
The cryptocurrency platform said the approval followed an extensive engagement process with the SEC and provides greater regulatory certainty as it expands its services in the country.
Luno Nigeria Chief Executive Officer Ayotunde Alabi said the approval validates the company’s long-term commitment to Nigeria’s digital asset industry.
According to the company, clearer regulations will strengthen collaboration with customers, institutional investors, fintech companies, payment providers, and other financial institutions exploring digital asset solutions.
Luno also disclosed plans to expand its business-to-business offerings, including digital asset infrastructure, stablecoin applications, treasury management solutions, and crypto-as-a-service products for institutional clients.
Nigeria’s Crypto Regulatory Framework Continues to Expand
The latest approvals build on the SEC’s earlier regulatory actions.
In 2024, the Commission granted Approval-in-Principle to cryptocurrency exchanges Quidax and Busha, making them among the first digital asset trading platforms to receive formal regulatory recognition under the ARIP framework.
At the same time, the SEC admitted several companies—including Trovotech Ltd and Wrapped CBDC Ltd—into its Regulatory Incubation Programme to test blockchain-based products and technologies under regulatory supervision.
The Commission has maintained that additional approvals will continue to be granted on a case-by-case basis as applicants satisfy the programme’s requirements.
What Is the Accelerated Regulatory Incubation Programme?
The Accelerated Regulatory Incubation Programme (ARIP) is the SEC’s regulatory sandbox designed to fast-track the onboarding of digital asset service providers and other investment firms while allowing the Commission to closely supervise their operations.
The framework enables regulators to assess new technologies, business models, and investment products in a controlled environment before issuing full operational licences.
The initiative forms part of Nigeria’s broader strategy to establish a transparent and comprehensive regulatory framework for virtual asset service providers, as cryptocurrency adoption continues to grow across the country despite previous regulatory uncertainty.
