House of Reps Committee Welcomes SEC’s Admission of Seven Firms into ARIP Sandbox

Abuja, July 3, 2026 – The House of Representatives Ad Hoc Committee on the Regulatory, Security and Economic Implications of Cryptocurrency Adoption and POS Operations in Nigeria has welcomed the Securities and Exchange Commission’s (SEC) admission of seven additional companies into its Accelerated Regulatory Incubation Programme (ARIP) Sandbox, describing the development as a major boost for Nigeria’s digital asset industry.

Chairman of the Committee, Rt. Hon. Richard Olufemi Bamisile, PhD, said the latest approvals demonstrate Nigeria’s growing commitment to creating a secure, transparent and innovation-friendly regulatory environment for virtual asset service providers.According to him, the development validates the collaborative engagement between the National Assembly, regulatory agencies, security institutions and industry stakeholders aimed at strengthening the country’s digital finance ecosystem.

He recalled that shortly after the Committee’s inauguration in September 2025, it convened a high-level stakeholders’ meeting involving the SEC, the Central Bank of Nigeria, law enforcement agencies, anti-money laundering institutions and industry operators, where participants emphasized the need for regulations that protect investors while encouraging innovation.

“The admission of these companies into the ARIP Sandbox shows that constructive engagement between policymakers, regulators and industry participants can produce tangible results that benefit the Nigerian economy and strengthen investor confidence,” Bamisile said.

The Committee commended the SEC for its professionalism and responsiveness in advancing the country’s virtual asset regulatory framework and congratulated the seven companies admitted through Approval-in-Principle (AIP): Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd and Blockvault Custodian Ltd.

Bamisile urged the newly admitted firms to maintain high standards of corporate governance, regulatory compliance, innovation and consumer protection as they work towards obtaining full regulatory authorization.He also called on relevant regulatory agencies to accelerate the processing of other qualified applications, noting that an efficient licensing framework would promote competition, encourage innovation, deepen financial inclusion, create jobs and attract greater investment into Nigeria’s digital economy.

The Committee reaffirmed its commitment to providing the legislative support and oversight required to ensure that Nigeria develops a robust, secure and globally competitive digital asset ecosystem while safeguarding national security, protecting consumers and preserving market integrity.Industry observers view the latest admissions as another milestone in Nigeria’s evolving digital asset regulatory framework and a positive signal to local and international investors seeking greater regulatory clarity in Africa’s largest economy.