SEC Confirms No Digital Asset Operators Registered in Nigeria

The Securities and Exchange Commission (SEC) of Nigeria has stated that no digital asset operator has secured final registration under its Accelerated Regulatory Incubation Programme (ARIP). The Director General of the SEC clarified that approvals in principle do not grant full operating licenses.

This announcement was made during a discussion on Nigeria's digital asset framework organized by Quidax, a digital assets exchange that has received provisional approval from the SEC. The SEC is enhancing its regulatory framework for digital assets, requiring operators to adhere to specific restrictions during their regulatory incubation.

These restrictions include not conducting business beyond the approved activities, prohibiting promotional activities, and adhering to reporting requirements. The SEC emphasized that approvals in principle are conditional and can be revoked if operators fail to comply with the stipulated conditions.

At the end of the incubation period, participants must either apply for registration or exit their activities in a manner that protects customers.