Nigeria has granted seven cryptocurrency and digital asset companies conditional approval to test and operate their services under the Securities and Exchange Commission’s regulatory incubation programme, marking another major step in the country’s effort to bring crypto businesses under formal supervision.
The development was disclosed on Thursday, July 2, 2026, by the Securities and Exchange Commission (SEC) in a statement issued by its management and seen by TechMedia Africa.
“The Securities and Exchange Commission (“the Commission” or “SEC”) has cleared seven new entities for admission into its Accelerated Regulatory Incubation Programme (ARIP), reinforcing its commitment to fostering responsible innovation that deepens Nigeria’s capital market while safeguarding investor interests,” the statement read in part.
The newly admitted firms are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd and Blockvault Custodian Ltd.
The approvals come as Nigeria continues to build a regulatory framework for digital assets and virtual asset service providers, a sector that has grown rapidly despite years of regulatory uncertainty.
What SEC’s incubation programme means for Nigeria’s crypto industry
The admission of seven firms into the SEC’s Accelerated Regulatory Incubation Programme (ARIP) signals Nigeria’s continued shift from a restrictive approach to one centred on regulation and oversight of digital assets.
Rather than allowing crypto businesses to operate entirely outside regulatory supervision, the programme creates a pathway for companies to engage with regulators while developing products and services for the Nigerian market.
Through ARIP, the SEC places emerging digital asset firms in a controlled environment where it can evaluate their business models, technology, risk management systems and investor protection measures.
Hence, the seven firms admitted into ARIP received Approval-in-Principle (AIP), allowing them to operate within the scope approved by the Commission and under ongoing regulatory supervision.
However, the approval should not be interpreted as a permanent operating licence.
“Please note that it is not a final licence and remains conditional on the entity’s continued compliance with all applicable regulatory, operational, and supervisory obligations,” the SEC said.
Crypto is becoming mainstream in Nigeria
The SEC’s latest move comes as cryptocurrency adoption in Nigeria continues to evolve beyond speculative investing into a tool for payments, remittances and cross-border transactions.
A recent report by Thunes in partnership with Juniper Research revealed that about 40 per cent of Nigerians now use cryptocurrency for international money transfers.
“While 11 per cent of people globally usually use cryptocurrency platforms to send money internationally, this rises sharply to 40 per cent in Nigeria,” the report noted.
Industry data also shows that peer-to-peer trading played a major role in driving adoption after restrictions on traditional banking channels pushed users towards alternative methods of buying and selling digital assets.
As a result, Nigerians conducted more than $59 billion worth of cryptocurrency transactions between July 2023 and July 2024, making the country one of the largest crypto markets globally.
For many Nigerians, digital assets are increasingly serving as a payment rail, a store of value and an alternative channel for moving money across borders faster and, in some cases, more cheaply than traditional systems.
However, the growth in adoption has also fuelled a rise in scams, fraudulent investment schemes and fake trading platforms targeting inexperienced investors.
Recent reporting by TechMedia Africa, including interviews with crypto enthusiasts and investors, highlighted growing concerns around investment fraud, unrealistic return promises and unregistered platforms posing as legitimate operators.
The SEC said investors should carry out due diligence before committing funds to any crypto or investment platform.
“Members of the investing public are strongly advised to verify the regulatory status of anyone promoting investment products or services through the Commission’s official channels before engaging with them,” the regulator said.