SEC clears Blockchain, others for crypto regulation

SEC clears Blockchain, others for crypto regulation

Nigeria’s Securities and Exchange Commission has cleared three virtual asset service providers, including Blockchain, for admission into its Accelerated Regulatory Incubation Programme as the regulator moves to strengthen oversight of the country’s growing digital asset market.

The other firms admitted into the programme are Pisi Payments Solution Limited and Yellow Card Financial Limited, according to the SEC. The move gives the companies an Approval-in-Principle to operate within the defined scope of the programme, subject to regulatory, operational, and supervisory conditions.

The approval is not a final licence. Rather, it allows the companies to participate in the SEC’s controlled regulatory environment while demonstrating compliance with requirements governing virtual asset businesses.

For Blockchain, the admission marks a step forward in its efforts to deepen its presence in Nigeria,

one of Africa’s largest and most active digital asset markets.

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.

“Nigeria is one of Africa’s most important digital asset markets and participating in the SEC’s ARIP is an important step forward in our long-term commitment to the country,” the General Manager for Africa at Blockchain, Owen Odia, stated.

The company said that the programme would provide a controlled environment to introduce its global experience to the Nigerian market while working with regulators to support consumer protection, transparency, and responsible innovation.

The admission also expands Blockchain’s engagement with Nigerian regulators as the country

seeks to establish clearer rules for an industry that has grown rapidly in recent years.

Blockchain said that its Nigerian regulatory participation forms part of a broader global strategy of working with authorities in established regulatory frameworks. The company said that it has secured licences and registrations in several jurisdictions, including the United Kingdom, the European Union, and the Cayman Islands.

The SEC’s ARIP is designed as a regulatory sandbox, a controlled environment where financial technology and digital asset companies can test products and business models under regulatory supervision before receiving full authorisation.

Through the programme, the commission can monitor how virtual asset services operate in practice, assess potential risks, and develop safeguards covering areas including investor protection and anti-money laundering requirements.

For Blockchain, the programme provides an opportunity to test services for Nigerian users while working with regulators and local stakeholders on compliance and consumer safeguards.

The company said that Nigeria remains an important part of its African expansion strategy, citing strong demand for digital assets and an increasingly defined regulatory pathway for operators seeking to serve the market.

Founded in 2011, Blockchain said that it has more than 95 million wallets and over 44 million confirmed accounts, with more than $1.2tn processed through its platform. The company operates in more than 70 jurisdictions and provides digital asset services to consumers and institutions.

Source: https://punchng.com/sec-clears-blockchain-others-for-crypto-regulation/