SEC admits 3 more crypto firms, taking ARIP participants to 14

The Securities and Exchange Commission (SEC) in Nigeria has granted approval to three more Virtual Asset Service Providers (VASPs) to join its Accelerated Regulatory Incubation Programme (ARIP). This expansion brings the total number of crypto firms operating under the regulator's structured oversight framework to 14. The newly admitted entities are Pisi Payments Solution Limited, BC Access Nigeria Limited (Blockchain.com), and Yellow Card (YC) Financial Limited.

Each of these firms will receive Approval in Principle (AIP), enabling them to operate within the defined ARIP scope and adhere to conditions set by the Commission. The SEC emphasizes that the AIP is not a final operating license but confirms the firm's compliance with regulatory requirements and necessitates continued adherence to applicable obligations.

One of the newly admitted firms, Blockchain.com, expressed its excitement about working directly with the SEC to evaluate digital asset business models and develop Nigeria's regulatory framework. This development underscores the SEC's dedication to fostering responsible innovation in Nigeria's capital market while prioritizing investor protection and market integrity.