Nigeria’s SEC admits Yellow Card, Blockchain Africa into crypto sandbox
Nigeria’s SEC has admitted Yellow Card, Blockchain, and Pisi into its regulatory sandbox, expanding the ARIP programme to 12 firms since July.
Nigeria's Securities and Exchange Commission (SEC) has welcomed three more cryptocurrency firms into its Accelerated Regulatory Incubation Programme (ARIP), bringing the total number of participating entities to 12 since July. The latest additions include Pisi Payment Solutions, the parent company of Nigerian fintech YDPay, BC Access (Nigeria) Limited, a subsidiary of global cryptocurrency exchange Blockchain, and Yellow Card, a stablecoin infrastructure startup.
These firms have been granted Approval-in-Principle (AIP) status, enabling them to operate within the sandbox's defined parameters while adhering to ongoing regulatory conditions. The SEC's expansion of the ARIP comes as Nigeria remains a prominent cryptocurrency market on the continent, grappling with regulatory ambiguity and periodic restrictions.
The regulator aims to strike a balance between fostering innovation and safeguarding investors through a formal regulatory framework.
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