The Securities and Exchange Commission (SEC) has admitted three additional virtual asset service providers into its Accelerated Regulatory Incubation Programme (ARIP), bringing the number of digital asset firms under the regulator’s structured oversight to 14.
The latest entrants are Pisi Payments Solution Limited, BC Access Nigeria Limited, which operates as Blockchain.com, and Yellow Card Financial Limited.
The SEC said the three firms had been granted Approval-in-Principle (AIP), allowing them to operate within the defined scope of the ARIP, subject to conditions stipulated by the Commission.
The development underscores the regulator’s growing efforts to establish a formal framework for Nigeria’s rapidly expanding digital asset market while balancing innovation with investor protection and market integrity.
According to the SEC, the Approval-in-Principle granted to the firms should not be interpreted as a final operating licence.
The Commission explained that AIP confirms that an entity has satisfied the requirements for admission into the regulatory incubation programme but remains conditional on its continued compliance with applicable regulatory, operational and supervisory obligations.
The SEC said the latest approvals reaffirm its commitment to fostering responsible innovation within the Nigerian capital market while ensuring that emerging digital asset businesses operate within an appropriate regulatory framework.
Reacting to its admission, Blockchain.com said participation in the ARIP would enable it to work directly with the SEC as the regulator evaluates digital asset business models, tests safeguards and develops a long-term regulatory framework for the sector.
Owen Odia, General Manager for Africa at Blockchain.com, said Nigeria remained one of Africa’s most important digital asset markets, adding that the programme would enable the company to bring its global experience to the Nigerian market while supporting the development of a framework that protects consumers and promotes responsible innovation.
The latest admission comes after the SEC significantly expanded the ARIP in July with the admission of seven companies, taking the number of participants to nine at the time.
Those admitted 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.
Prior to the latest expansion, the SEC had, in 2024, granted Approval-in-Principle to Quidax and Busha, making them the first officially recognised crypto firms under the Commission’s regulatory framework.
The ARIP is designed to accelerate the onboarding of digital asset and investment service providers through a controlled regulatory environment. It enables the SEC to assess emerging business models and technologies, monitor safeguards and determine their suitability before products and services are offered more broadly to investors.
The increasing number of firms admitted into the programme signals a shift from Nigeria’s earlier largely unstructured crypto market towards a more formalised regulatory environment.
The development also comes amid broader efforts to tighten oversight of virtual assets, including the recent release of Guidelines on the Taxation of Virtual Assets.
The 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 tax framework, medium and large companies earning profits from cryptocurrency and other virtual asset transactions are subject to a 30 per cent income tax on taxable crypto gains.
For investors and consumers, the SEC’s expanding regulatory framework is expected to provide greater transparency and oversight as digital asset participation grows.
For crypto businesses, the ARIP provides a structured route into Nigeria’s regulated financial market, although admission into the programme does not amount to unrestricted or permanent licensing.
The latest approvals therefore point to a regulatory strategy that seeks to accommodate technological innovation while strengthening safeguards against risks associated with the fast-growing virtual asset market.