Nigeria SEC grants conditional approval to crypto firms

Nigeria's SEC admitted seven fintech firms, including five crypto companies, into its regulatory sandbox, granting conditional approval to operate under supervision.

Nigeria's Securities and Exchange Commission (SEC) has admitted seven fintech firms into its Accelerated Regulatory Incubation Programme (ARIP), including five crypto companies: Bitbarter Technologies, Luno Fintech Nigeria, Koinkoin Global Network, Wrapped CBDC, and Blockvault Custodian. Two digital investment service providers, GetEquity and Trovotech, were also selected. Each firm received Approval-in-Principle, allowing them to operate under SEC supervision within a defined regulatory framework, though not as fully licensed entities. This conditional approval requires firms to meet all regulatory, operational, and compliance standards. The SEC reserves the right to terminate participation if these conditions are not met. Admission to ARIP involves a two-stage process: an initial assessment and a formal application with comprehensive documentation. Notably, Luno Nigeria is the first global crypto exchange to join the program, marking a significant milestone for crypto regulation in the country.