Nigeria’s crypto market is becoming more regulated as the Securities and Exchange Commission (SEC) admits three more Virtual Asset Service Providers (VASPs) into its Accelerated Regulatory Incubation Programme (ARIP).
The latest entrants are Yellow Card Financial Limited, BC Access (Nigeria) Limited, which operates as Blockchain.com, and Pisi Payments Solution Limited.
The three companies received Approval-in-Principle (AIP), allowing them to operate within the defined scope of the SEC’s ARIP, subject to the regulator’s conditions and ongoing compliance requirements.
The development takes the number of companies in the SEC’s ARIP programme to 14, marking another major step in Nigeria’s push to bring digital asset businesses under a structured regulatory framework.
What the SEC Approval Means
One detail is important here: Approval-in-Principle is not the same as a full licence.
The SEC’s AIP allows the companies to operate within the boundaries of the ARIP while the regulator evaluates their business models, operations, technology and compliance systems.
The approval is also conditional. Companies admitted into the programme must continue meeting regulatory, operational and supervisory requirements.
In other words, Yellow Card, Blockchain.com and Pisi can operate within the programme, but their admission should not be interpreted as the SEC giving them unrestricted approval to operate as fully licensed crypto companies.
The ARIP itself functions as a controlled environment where the SEC can assess digital asset businesses and test appropriate safeguards before establishing a more permanent regulatory framework.
Yellow Card, Blockchain.com and Pisi Join the Growing List
The latest additions bring together three companies with different positions in Nigeria’s digital asset ecosystem.
Yellow Card has become increasingly focused on stablecoin infrastructure and business-to-business financial services rather than its previous retail crypto exchange model. The company recently announced a $40 million funding round to support its global expansion and stablecoin infrastructure.
That shift makes its participation in Nigeria’s regulatory programme particularly interesting as stablecoins become increasingly relevant to cross-border payments and financial infrastructure.
The company has also previously pushed for clearer regulation across African markets, arguing that compliance is essential for building sustainable digital asset infrastructure.
Blockchain.com, meanwhile, is one of the biggest global names entering Nigeria’s regulated digital asset ecosystem through the ARIP.
Its participation gives the company an opportunity to work directly with the SEC as the regulator evaluates how global digital asset platforms can operate within Nigeria’s local regulatory requirements.
The third entrant, Pisi Payments Solution Limited, adds a Nigerian fintech dimension to the latest cohort.
Its inclusion alongside two internationally recognised companies shows that the SEC is not limiting the programme to global crypto platforms. Local digital asset and payment businesses are also being brought into the same regulatory testing environment.
Nigeria’s Crypto Regulation Is Moving Faster
The latest approval is part of a much bigger regulatory push.
Quidax and Busha were the first crypto companies admitted into the SEC’s regulatory incubation programme in 2024.
Then, in July 2026, the SEC expanded the programme with several additional firms, including Luno, Bitbarter, GetEquity, Koinkoin, Wrapped CBDC, Trovotech and Blockvault Custodian. GIGX Technologies and KuCoin Nigeria were subsequently added as well.
With the latest three companies, the number of ARIP participants has now reached 14.
That growing list is significant because it gives the SEC more real-world data to work with as it develops a longer-term regulatory framework for Nigeria’s digital asset industry.
For crypto businesses, it also signals that operating outside the regulatory framework is becoming increasingly difficult.
What This Means for Nigerian Crypto Users
For everyday crypto users in Nigeria, the biggest impact may not be immediate.
The SEC’s ARIP programme is primarily about regulating the companies providing digital asset services, rather than changing how individual Nigerians buy or hold cryptocurrency overnight.
However, stronger oversight could eventually affect how exchanges and other crypto platforms handle areas such as:
- Customer verification and KYC
- Anti-money laundering checks
- Transaction monitoring
- Consumer protection
- Custody of digital assets
- Reporting requirements
- How crypto-related products are offered to Nigerian users
This could be especially important in a market where peer-to-peer trading and informal crypto transactions have remained popular.
It also gives users another reason to pay attention to the regulatory status of the platforms they use.
An exchange being popular does not automatically mean it is licensed or approved by Nigerian regulators.
Stablecoins Could Become an Even Bigger Part of the Conversation
Yellow Card’s participation is particularly interesting because the company has shifted its focus toward stablecoin infrastructure.
Stablecoins have become an important part of Africa’s digital finance conversation because they can be used for payments, settlement and cross-border transactions.
Nigeria has already hosted major discussions around the future of stablecoins, including the Nigeria Stablecoin Summit 2025, where regulators, founders and blockchain industry players discussed how stablecoins could influence payments and financial access in Africa.
The growing regulatory attention could therefore extend beyond traditional crypto trading.
Stablecoin infrastructure, tokenised assets and blockchain-based payment systems are likely to become increasingly important areas for regulators as more companies attempt to build financial products around digital assets.
The Bigger Picture for Nigeria’s Crypto Market
Nigeria has spent years sitting in an interesting position within the global crypto industry.
The country has one of Africa’s most active crypto communities, but regulation has not always moved at the same speed as adoption.
That is now changing.
The growing ARIP roster suggests the SEC is moving toward a model where digital asset businesses can operate under supervision while regulators gather information about how their products work in the real market.
This could ultimately be better for both sides.
For regulators, it provides an opportunity to identify risks before they become widespread.
For legitimate crypto businesses, it creates a clearer path to operating in one of Africa’s most important digital asset markets.
And for users, stronger oversight could eventually mean greater transparency about which companies are operating legitimately.
This is also happening alongside broader changes in Nigeria’s approach to digital assets, including the country’s evolving crypto taxation framework. We previously broke down whether crypto is taxed in Nigeria and what Nigerian users should know about the changing rules.
What Happens Next?
The real test is no longer whether Nigeria will regulate crypto. That direction is becoming increasingly clear.
The bigger question is how quickly the companies inside the ARIP will move from regulatory incubation to full registration and what permanent rules will eventually govern the industry.
For now, the SEC has 14 companies operating within its regulatory programme, giving the regulator a much larger pool of businesses from which to assess different digital asset models.
For Nigeria’s crypto industry, that could mark the beginning of a new phase: less uncertainty, more compliance and significantly closer regulatory scrutiny.
And for users, the message is simple, crypto in Nigeria is becoming more regulated, and the platforms you use will increasingly have to play by the rules.
Similar Read: Crypto vs Stocks vs Forex: 3 Hidden Truths Every New Trader Should Know
