The era of asking for forgiveness rather than permission in Nigeria’s crypto sector is officially over. Regulators are drawing a hard line in the sand, and the biggest players in the digital asset space are rushing to step onto the right side of it.
The Securities and Exchange Commission (SEC) has granted an Approval-in-Principle (AIP) to three new Virtual Asset Service Providers (VASPs), comprising Yellow Card Financial Limited, BC Access (Nigeria) Limited (operating as Blockchain.com), and Pisi Payments Solution Limited, into its Accelerated Regulatory Incubation Programme (ARIP), permitting the companies to operate within ARIP’s defined scope while it works towards full registration.
The SEC was careful, as it has been with every previous batch, to stress that an AIP is not a licence. It is conditional, revocable, and tied to continued compliance with regulatory, operational and supervisory obligations. Yet it shows that the regulator is aggressively formalising an industry that previously operated on the fringes of the country’s financial laws.
For the pan-African giant, Yellow Card, which now wants to be known as a global stablecoin infrastructure provider, the admission lands as validation rather than surprise. Entering the SEC sandbox is a validation of its long-held argument that structured guidelines are the only viable path for sustainable retail adoption. The stablecoin infrastructure company has actively pushed for clear rules of engagement to scale its operations across the continent.
Yellow Card calls ARIP admission a milestone
Lasbery Chioma Oludimu, Group VP of Operations and MD of Yellow Card Nigeria, confirmed the company’s stance on this regulatory milestone:
“We recognise that the only way to build and maintain the integrity of the virtual asset ecosystem and scale operations is through regulation. We are pleased to receive the SEC’s approval for admission into the Accelerated Regulatory Incubation Programme. This allows us to operate within the defined scope of the programme, subject to the Commission’s conditions, and reflects our continued commitment to meeting Nigeria’s regulatory, operational, and supervisory requirements.
This is a milestone we are proud of. Yellow Card has the financial, technical, and operational capacity to continue leading this ecosystem. We will continue to operate in a compliant and professional manner, ensuring that our consumers are protected and derive value from all our product offerings.”
The push for compliance is equally critical for global operators looking to secure their foothold in Africa’s most active digital asset market. Blockchain.com approaches the ARIP with an established track record of navigating stringent jurisdictions, holding licences from the UK Financial Conduct Authority and operating under the EU Markets in Crypto-Assets framework.
The Nigerian sandbox gives Blockchain.com the necessary environment to calibrate its global infrastructure to local regulatory demands.
Owen Odia, General Manager for Africa at Blockchain, outlined the strategic importance of the SEC clearance:
“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 programme gives us the opportunity to work directly with the SEC in a controlled environment, bring our global experience to the Nigerian market and help support a framework that protects consumers while enabling responsible innovation. We appreciate the SEC’s proactive approach and look forward to contributing to a safe, transparent and well-regulated digital asset ecosystem.”
The admission of Pisi Payments Solution alongside these two titans signals the SEC’s intent to cultivate indigenous fintech solutions just as rigorously as it manages international entrants.
This development does not exist in a vacuum. It is part of a coordinated institutional strategy to bring financial technology out of the shadows. The Central Bank of Nigeria recently launched the second cohort of its own regulatory sandbox, targeting regulated financial institutions and eligible tech companies. These parallel initiatives indicate a decisive pivot in Abuja from hostile restrictions to supervised integration.
The ARIP roster is growing rapidly. The SEC previously cleared pioneer exchanges Quidax and Busha in August 2024, followed by a massive wave in July 2026 that included nine entities like Luno, Bitbarter, GetEquity, GIGX Technologies and KuCoin.
With Yellow Card, Blockchain.com, and Pisi Payments now on board, the total number of companies in the ARIP stands at 14. This critical mass provides the SEC with the diverse, live-market data required to draft permanent rules for the industry.
Market participants are now operating in a high-stakes proving ground. Any failure to uphold consumer protection standards or deviation from testing parameters could lead to immediate expulsion. For retail investors navigating the historical risks of peer-to-peer trading, the boundaries between rogue actors and compliant operators are finally becoming crystal clear.
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