An SEC Nigeria Approval-in-Principle Is Not a Crypto Licence

The short version: An Approval-in-Principle is not a final licence: the SEC says it remains conditional on continued compliance (SEC). Under the ARIP framework, an Approval-in-Principle lets a firm operate within the programme pending final registration by the Commission (ARIP framework).

The Rules in Brief

• What ARIP is. The SEC's Accelerated Regulatory Incubation Programme (framework of June 2024) onboards virtual asset service providers and other digital investment service providers whose applications are filed with the SEC. Qualified applicants get an Approval-in-Principle to operate within the programme pending final registration by the Commission (ARIP framework).
• Who it covers. The framework applies among others to platforms for offering, trading, exchange, custody and transfer of virtual assets, and to foreign or non-residential operators that actively target Nigerian investors (ARIP framework).
• Not a final licence. In each 2026 admission circular the SEC says that an Approval-in-Principle is not a final licence and remains conditional on the entity's continued compliance with regulatory, operational and supervisory obligations (SEC).

Summary of the SEC documents linked. Not legal advice.

From Sandbox to ARIP

The SEC's earlier Regulatory Incubation sandbox lists 5 VASPs in cohort 002/24 (test period 29 August 2024 to 28 August 2025). 3 of them, Trovotech, Wrapped CBDC (cNGN) and Blockvault, were cleared for ARIP on 2 July 2026; DreamCity Capital, HXafrica are listed only in the sandbox table (SEC, SEC).