Five crypto companies are among seven fintech firms cleared by Nigeria’s Securities and Exchange Commission for admission into its Accelerated Regulatory Incubation Programme, as the regulator continues efforts to bring digital asset businesses under formal oversight.
The crypto firms admitted are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, and Blockvault Custodian Ltd. GetEquity Limited and Trovotech Ltd, which operate in digital investment services, were also admitted in the same batch.
Huge congrats to the 7 fintechs admitted into @SECNigeria Nigeria’s ARIP 👏
@BitbarterHQ @Luno @GetEquity @KoinkoinGlobal @WrappedCBDC @Trovotech @BlockvaultCustodian
Regulatory clarity is the foundation for real innovation. Nigeria’s crypto future is loading… 🇳🇬🚀 pic.twitter.com/Xak5rId3MQ— MR NOBLE (@Mrnobleofficial) July 3, 2026
Each firm received an Approval-in-Principle, which permits them to operate within a defined scope under SEC supervision. The approval is not a full license, but remains conditional on each firm meeting all regulatory, operational, and supervisory requirements. The SEC can terminate a firm’s participation at any time if it breaches those conditions.
What getting into ARIP requires
Firms do not simply apply and receive admission, and the process runs in two phases. An initial assessment comes first, followed by a formal application that includes a sworn undertaking, a detailed operational plan, evidence of registration with the Nigerian Financial Intelligence Unit, and documentation confirming the firm’s governance structure.
The SEC evaluates each application and may defer or reject it. At the end of the programme period, the Commission decides whether to grant full registration, revise the rules based on what it observed, or bar the firm from operating in Nigeria entirely.
ALSO READ: Crypto.com SEC Probe Ends With No Action
Only a few Nigerian crypto startups are regulated
The latest admissions add to a small group of firms operating under formal SEC oversight, but the gap between regulated and unregulated activity in Nigeria remains wide. At least 30 startups are now active in the crypto space, ranging from exchanges and wallets to remittance platforms and payment providers, with many still waiting for licensing clarity or ARIP entry.
Without more firms inside the regulatory pool, there is no reliable mechanism for verifying tax obligations or enforcing compliance, a problem that increases as Nigeria’s crypto tax rules, which took effect in January 2026, begin to apply. The seven new admissions narrow that gap, but the bulk of Nigeria’s crypto activity still runs through platforms the SEC does not formally oversee.
Meanwhile, SEC Nigeria stepped up efforts to regulate the country’s fast-growing cryptocurrency market, partnering with blockchain intelligence firm Chainalysis in a webinar aimed at combating fraud and strengthening investor protection.
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