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The Securities and Exchange Commission (SEC) has cleared three additional Virtual Asset Service Providers (VASPs) for admission into its Accelerated Regulatory Incubation Programme (ARIP), expanding the number of digital asset firms operating under the regulator’s structured oversight framework.
The newly admitted firms are Pisi Payments Solution Limited, BC Access Nigeria Limited (Blockchain.com), and Yellow Card (YC) Financial Limited.
According to the SEC, the three entities will receive Approval in Principle (AIP), allowing them to operate within the defined scope of ARIP and subject to conditions stipulated by the Commission.
The latest admission brings the number of crypto firms under the SEC’s regulatory sandbox to 14.
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What they are saying
The regulator said the development reinforces its commitment to fostering responsible innovation in Nigeria’s capital market while maintaining investor protection and market integrity.
- “This development means that these entities would receive the Commission’s Approval-in-Principle (AIP), permitting them to operate within the defined scope of the Programme and subject to conditions stipulated by the Commission,” the SEC stated.
The SEC clarified that an AIP is not a final operating licence. Rather, it confirms that an entity has met the Commission’s requirements for admission into the programme and remains conditional on the firm’s continued compliance with applicable regulatory, operational and supervisory obligations.
One of the newly admitted firms, Blockchain, said the clearance would allow the crypto exchange to work directly with the SEC as the Commission evaluates digital asset business models, tests appropriate safeguards and develops its long-term regulatory framework for the market.
- “Nigeria is one of Africa’s most important digital asset markets and participating in the SEC’s ARIP is an important step forward in our long-term commitment to the country.
- “The programme gives us the opportunity to work directly with the SEC in a controlled environment, bring our global experience to the Nigerian market and help support a framework that protects consumers while enabling responsible innovation. We appreciate the SEC’s proactive approach and look forward to contributing to a safe, transparent and well-regulated digital asset ecosystem,” said General Manager for Africa for Blockchain, Owen Odia.
Get up to speed
The three companies add to the growing number of crypto companies under the regulatory oversight of the SEC as Nigeria takes decisive steps to regulate digital assets.
Earlier in July, the SEC admitted seven new companies into the ARIP, expanding the number of digital asset firms operating under the regulatory sandbox to nine.
The companies are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd.
The SEC later added two more crypto firms, which include GIGX Technologies and KuCoin Nigeria Limited.
Before that, the SEC had issued an Approval-in-Principle to Quidax and Busha in 2024, making them the first officially recognized crypto firms in the country.
Nigeria has also taken crypto oversight a notch higher with the recent release of Guidelines on the Taxation of Virtual Assets, which applies to companies, individual taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, and other participants in Nigeria’s digital asset ecosystem.
Under the guidelines, medium and large companies in Nigeria that earn profits from cryptocurrency and other virtual asset transactions will face a 30% income tax on their crypto gains.
What you should know
The SEC ARIP is designed to accelerate the onboarding of digital asset and other investment service providers, including VASPs and tokenised product platforms, through a controlled regulatory sandbox.
The programme allows the SEC to assess emerging business models and technologies in a controlled environment before such products and services are offered to the investing public.
The Commission said the framework is intended to help ensure that appropriate safeguards are in place to protect investors and preserve the integrity of the capital market while allowing innovative financial products to develop.
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