SEC Expands ARIP with Three New Crypto Firms

The Securities and Exchange Commission (SEC) has admitted three additional virtual asset service providers into its Accelerated Regulatory Incubation Programme (ARIP), raising the total number of digital asset firms under its oversight to 14. The new participants are Pisi Payments Solution Limited, BC Access Nigeria Limited (operating as Blockchain.com), and Yellow Card Financial Limited.

Each firm has been granted Approval-in-Principle (AIP), allowing them to operate within the ARIP's defined scope, contingent on compliance with the SEC's conditions. The SEC clarified that AIP does not equate to a final operating license but indicates that the firms have met the admission requirements.

The initiative aims to create a structured regulatory framework for Nigeria's digital asset market, balancing innovation with investor protection. Owen Odia, General Manager for Africa at Blockchain.com, stated that participation in the ARIP would facilitate collaboration with the SEC to develop a long-term regulatory framework.

This expansion follows a significant increase in ARIP participants in July, where seven companies were admitted.