The Securities and Exchange Commission (SEC) has approved an additional seven digital asset businesses to join its Accelerated Regulatory Incubation Programme (ARIP), bringing the total number of cryptocurrency firms under its regulatory sandbox as Nigeria ratchets up supervision of the digital asset sector.
In a statement on Thursday, July 2, the commission stated that the newly accepted companies have been granted Approval-in-Principle (AIP), which will allow them to operate within the established scope of the programme, conditioned on their regulatory, operational and supervisory obligations.
Approval-in-Principle Is Not a Final License
According to the commission, Approval-in-Principle validates that each company satisfies the entry requirements to participate in the ARIP program, but is not a final operating licence. “An Approval-in-Principle validates that an entity meets the commission's requirements for admission into the Programme. It should be noted that it is not a final licence, and remains contingent upon the entity’s continuous compliance with all regulatory, operational, and supervisory requirements.”
List of Newly Admitted Firms
Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd are among the companies newly inducted.
This latest round of approvals follows the SEC's admittance of Quidax and Busha to its framework in August 2024 as part of an initiative to establish a structured regulatory framework for digital asset service providers in Nigeria.
Luno Rejoices Over Approval
In a separate press release, Luno Fintech Nigeria Limited hailed its entry into the programme as a key development following lengthy consultations with the SEC, Nairametrics reports. Luno Nigeria CEO, Ayotunde Alabi, said in a statement: "This is a major milestone for Luno Nigeria and further validates our commitment to growing responsibly in one of Africa's key crypto markets." It added that the approval would also allow the company to deepen engagement with customers and institutional partners while further growing its business-to-business offerings.
SEC Freezes Assets of Alleged Terrorism Financiers
Earlier, Legit.ng reported that Nigeria’s Securities and Exchange Commission (SEC) has ordered the immediate freezing of assets belonging to 10 individuals and three entities allegedly linked to terrorism financing across the capital market. The directive follows their designation by the Nigeria Sanctions Committee (NSC), which added the names to the Nigeria Sanctions List under the Terrorism (Prevention and Prohibition) Act, 2022. In a circular referenced NSC/SEC/MON/AML/CFT/112022/02 issued to capital market operators (CMOs) and stakeholders, the Commission said the sanctions include an asset freeze, travel ban, and arms embargo.
