SEC Approves Seven Firms for Crypto Oversight in Nigeria

The Securities and Exchange Commission (SEC) of Nigeria has expanded its oversight of the cryptocurrency sector by admitting seven digital asset companies into its regulatory incubator program. This initiative is designed to bring cryptocurrency and blockchain operations under formal oversight without granting full operational licenses immediately.

The companies approved include Bitbart Technology Ltd, Luno Fintech Nigeria Ltd, GetEquity Ltd, Koinkoin Global Network Ltd, Wrap CBDC Ltd, Trovotech Ltd, and BlockVault Custodian Ltd. The incubator model allows the SEC to test these firms in real market conditions and assess their compliance with regulatory governance and risk management standards.

The approval does not constitute a full license, and the firms must meet additional conditions during the incubator process. This move is part of the SEC's broader effort to formalize Nigeria's rapidly growing digital asset sector, which has faced regulatory uncertainties and restrictions on financial institutions' exposure to cryptocurrencies.