Nigeria’s SEC Admits Nine Digital Asset Firms Including Luno in Its Biggest Regulatory Push Since 2024
Since Nigeria’s Accelerated Regulatory Incubation Programme launched in August 2024, only two companies, Busha and Quidax, had received Approval-in-Principle to operate as digital asset exchanges. Nearly two years passed with no new admissions. Then, on July 2 and 3, 2026, the SEC admitted nine companies in 48 hours, the largest single expansion of its digital asset regulatory sandbox since the programme began.
The first batch, admitted July 2, included Luno Fintech Nigeria, Bitbarter Technologies, GetEquity, Koinkoin Global Network, Wrapped CBDC, Trovotech, and Blockvault Custodian. A second batch admitted the following day added GIGX Technologies and KuCoin Nigeria Limited. Each company received Approval-in-Principle, allowing them to operate within ARIP’s defined scope under SEC supervision while working toward full licensing. The SEC was explicit that an Approval-in-Principle is not a final licence and remains conditional on continued compliance.
Why the SEC Is Moving Now
The numbers make the urgency plain. Nigeria received approximately $92.1 billion in digital asset value between July 2024 and June 2025, making it one of the world’s largest markets for Bitcoin and other digital assets by volume. Yet fewer than three million Nigerians invest in the country’s formal capital market. SEC Director-General Emomotimi Agama has publicly acknowledged the gap: an appetite for risk clearly exists among Nigerians, but not the trust or access to channel it into the productive sector. ARIP is the SEC’s attempt to build that trust through a structured, supervised on-ramp.
The timing also follows the enactment of the Investments and Securities Act 2025, which formally classified virtual assets as securities under Nigerian law for the first time, giving the SEC explicit statutory authority over Bitcoin and digital asset exchanges as recognised financial market infrastructure rather than unregulated technology platforms.
Luno's Milestone and What It Signals
Among the new admissions, Luno Fintech Nigeria is notable for a specific reason: it is the first digital assets exchange with a global operational footprint to be admitted into ARIP. Luno, founded in Africa in 2013 and operating in Nigeria since 2015, described the approval as a significant regulatory milestone following an extensive engagement process with the SEC. The company said the clarity supports its focus on institutional and business-to-business opportunities, including stablecoin applications, treasury solutions, and secure digital asset infrastructure for banks and payment providers.