SEC Clears Blockchain and Two Others for Crypto Regulation in Nigeria

Nigeria's Securities and Exchange Commission (SEC) has cleared three virtual asset service providers for admission into its Accelerated Regulatory Incubation Programme.

The companies admitted are Blockchain, Pisi Payments Solution Limited, and Yellow Card Financial Limited. The approval allows them to participate in the SEC's controlled regulatory environment while demonstrating compliance with requirements governing virtual asset businesses.

Blockchain said that its participation in the programme would allow it to work directly with the SEC as the regulator evaluates digital asset business models, tests safeguards, and develops a longer-term framework for the industry.

The company stated that Nigeria is one of Africa's most important digital asset markets and participating in the SEC's ARIP is an important step forward in its long-term commitment to the country. Blockchain has secured licences and registrations in several jurisdictions, including the United Kingdom, the European Union, and the Cayman Islands.