The Securities and Exchange Commission (SEC) of Nigeria has cleared Koinkoin Global Network Limited, GIGX Technologies, Blockvault Custodian Ltd, and six other Virtual Asset Service Providers (VASPs) into its Accelerated Regulatory Incubation Programme (ARIP).
The SEC granted the nine entities Approval-in-Principle, allowing them to begin operation within its regulatory sandbox.
The Commission which made the announcement in two separate statements said the ARIP reinforced its commitment to fostering responsible innovation that deepens Nigeria’s capital market while safeguarding investor interests.
The approvals, according to the regulator, is to foster responsible innovation that deepens Nigeria’s capital market while safeguarding investor interests.
The nine entities are:
Bitbarter Technologies Limited
Luno Fintech Nigeria Limited
GIGX Technologies
GetEquity Limited
Koinkoin Global Network Limited
KuCoin Nigeria Limited
Wrapped CBDC Ltd
Trovotech Ltd
Blockvault Custodian Ltd
A VASP is any business that facilitates crypto-related activities, such as exchanging, transferring, safekeeping, or managing digital assets like cryptocurrencies and NFTs.
They are subject to strict global guidelines set by the Financial Action Task Force (FATF) regarding Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
In Nigeria, SEC regulates the industry through ARIP, granting approved platforms an Approval-in-Principle (AIP) permitting them to operate legally within the defined scope of the Programme and subject to conditions stipulated by the Commission.
An Approval-in-Principle confirms that an entity has satisfied the Commission’s admission requirements for the Programme.
ARIP is an innovative regulatory environment designed to fast-track the on-boarding of digital asset and other investment service providers (like Virtual Asset Service Providers and tokenized product platforms) through a controlled regulatory sandbox.
It allows the Commission to assess novel business models and technologies in a controlled regulatory environment to ensure that appropriate safeguards are in place to protect investors and preserve market integrity before these products and services are offered to the investing public.
(Ripples)