SEC Approves GIGX and Eight Other Fintechs for ARIP Sandbox
The Securities and Exchange Commission (SEC) of Nigeria has granted Approval‑in‑Principle to GIGX Technologies, KuCoin Nigeria Limited and seven additional Virtual Asset Service Providers (VASPs), clearing them to join the Accelerated Regulatory Incubation Programme (ARIP).
In its statement, the Commission said the move reinforces its commitment to encouraging responsible innovation that deepens the nation’s capital market while protecting investor interests.
The approval follows an earlier clearance of seven other entities into the ARIP. The newly admitted firms are:
- Bitbarter Technologies Limited
- Luno Fintech Nigeria Limited
- GetEquity Limited
- Koinkoin Global Network 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 including cryptocurrencies and NFTs.
These firms must comply with global Anti‑Money Laundering and Counter‑Financing of Terrorism (AML/CFT) standards set by the Financial Action Task Force (FATF).
In Nigeria, the SEC oversees the sector through ARIP, granting approved platforms an Approval‑in‑Principle that permits them to operate legally within the programme’s defined scope, subject to conditions set by the Commission.
An Approval‑in‑Principle confirms that an entity has satisfied the SEC’s admission requirements for the programme.
The ARIP provides a controlled regulatory sandbox that fast‑tracks the onboarding of digital asset and investment service providers, allowing the Commission to evaluate new business models and technologies while ensuring appropriate safeguards for investors and market integrity.
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