Nigeria’s Securities and Exchange Commission (SEC) has approved a new group of Virtual Asset Service Providers (VASPs) to participate in its Accelerated Regulatory Incubation Programme (ARIP).
The latest entrants are GIGX Technologies and KuCoin Nigeria Limited, who will both receive Approval-in-Principle (AIP), which will allow them to operate within the SEC’s regulatory framework while working towards full registration.
The latest approvals allow additional cryptocurrency and digital asset companies to operate under the SEC’s regulatory supervision while working toward obtaining full licences.
This marks another step in the country’s efforts to establish a regulated digital asset ecosystem.
The move is expected to strengthen investor confidence and promote compliance across Nigeria’s rapidly expanding virtual asset market.
The ARIP was introduced by the SEC as a transitional framework designed to onboard existing virtual asset operators into a regulated environment.
Through the programme, eligible firms can continue offering services while demonstrating
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