The Securities and Exchange Commission has admitted three additional virtual asset service providers into its Accelerated Regulatory Incubation Programme, bringing the number of digital asset firms operating under the Commission’s structured regulatory oversight to 14.
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The latest firms admitted into the programme are Pisi Payments Solution Limited, BC Access Nigeria Limited, which operates as Blockchain.com, and Yellow Card Financial Limited.
The SEC said the three companies had been granted Approval-in-Principle, allowing them to operate within the defined scope of the ARIP subject to conditions imposed by the Commission.
It, however, stressed that Approval-in-Principle should not be construed as a final or unrestricted operating licence.
According to the Commission, the approval merely confirms that the affected companies have satisfied the requirements for admission into the regulatory incubation programme and will remain subject to continuing regulatory, operational and supervisory obligations.
The latest approvals form part of the SEC’s efforts to establish a more formal regulatory structure for Nigeria’s rapidly expanding digital asset market while balancing technological innovation with investor protection and market integrity.
The Commission said the admission of additional operators into ARIP further demonstrated its commitment to encouraging responsible innovation in the Nigerian capital market while ensuring that emerging digital asset businesses operate within an appropriate regulatory framework.
Reacting to its admission, Blockchain.com said its participation in the programme would provide an opportunity to work directly with the SEC as the regulator evaluates digital asset business models, tests safeguards and develops a longer-term regulatory framework for the industry.
General Manager for Africa at Blockchain.com, Owen Odia, described Nigeria as one of Africa’s most important digital asset markets.
He said participation in ARIP would allow the company to bring its international experience to Nigeria while contributing to the development of a regulatory framework capable of protecting consumers and encouraging responsible innovation.
The latest admission follows a significant expansion of the programme in July, when the SEC admitted seven companies, bringing the number of participants at the time to nine.
The seven companies were Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd and Blockvault Custodian Ltd.
The Commission subsequently admitted GIGX Technologies and KuCoin Nigeria Limited.
Before the recent expansion, the SEC had in 2024 granted Approval-in-Principle to Quidax and Busha, making them the first crypto firms officially recognised under the Commission’s emerging regulatory framework for digital assets.
The ARIP was established to accelerate the onboarding of digital asset and investment service providers into a controlled regulatory environment.
Through the programme, the SEC can assess emerging technologies and business models, examine the adequacy of consumer and investor safeguards and determine whether products and services are suitable for wider participation in the Nigerian market.
The growing number of companies being admitted into the programme represents a move towards a more formalised regulatory environment for cryptocurrency and other virtual asset businesses in Nigeria.
The development also comes amid wider efforts to strengthen regulation of virtual assets, including the introduction of Guidelines on the Taxation of Virtual Assets.
The tax guidelines apply to companies, individual taxpayers, virtual asset service providers, peer-to-peer marketplace operators and other participants in Nigeria’s digital asset ecosystem.
Under the framework, medium and large companies earning profits from cryptocurrency and other virtual asset transactions are subject to 30 per cent income tax on taxable crypto gains.
For investors and consumers, the expansion of the SEC’s regulatory framework is expected to increase transparency and regulatory oversight as participation in digital assets continues to grow.
For operators, ARIP provides a structured pathway into Nigeria’s regulated financial market, although admission into the programme does not amount to a permanent or unrestricted licence to operate.
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