Nigeria SEC adds Kucoin, GIGX; ARIP sandbox hits 9 firms
Luno Nigeria’s admission to the Nigerian Securities and Exchange Commission’s Accelerated Regulatory Incubation Program (ARIP) marks the first global cryptocurrency platform to enter the regulator’s supervised framework. Regulatory Expansion On July 2, the SEC disclosed that GIGX Technologies and Kucoin Nigeria Limited received approval‑in‑principle, allowing them to operate provisionally under ARIP while they pursue full registration. This move follows the earlier inclusion of Luno Nigeria and six other entities in the program’s second batch, expanding the pool of vetted virtual asset service providers. The approval‑in‑principle status grants the two VASPs temporary permission to conduct crypto‑related activities under SEC oversight, signaling a broader acceptance of blockchain services in Nigeria’s financial ecosystem. Market Impact Luno’s CEO, Ayotunde Alabi, described the SEC’s endorsement as a clear signal that the company’s responsible approach is resonating with regulators, investors, and partners. He highlighted that the structured pathway will bolster confidence and lay a solid foundation for the firm’s next growth phase, especially as it targets institutional and B2B opportunities. With the regulatory framework now accommodating stablecoin offerings and crypto‑as‑a‑service platforms, market participants anticipate increased liquidity and new avenues for crypto investment, positioning Nigeria as a burgeoning hub for blockchain innovation.
