SEC clarifies: No crypto firm has final licence—14 operators hold only conditional approval
The SEC has made clear that no digital asset operator in Nigeria holds final registration under its Accelerated Regulatory Incubation Programme (ARIP). The Director General, represented by Lagos Zonal Head John Briggs, stated that approvals in principle issued to 14 firms—including Quidax and Busha—are conditional, not operating licences, and can be withdrawn for non-compliance.
Participants must not conduct business beyond their approved scope, are barred from promotional activities, and face weekly, monthly, and quarterly reporting plus on-site inspections. The SEC also operates a separate Regulatory Incubation pathway for genuinely novel businesses, limited to 100 clients and a one-year maximum under close supervision.
Nigeria's new Guidelines on Taxation of Virtual Assets now impose a 30% income tax on crypto gains for medium and large companies, covering VASPs, P2P operators, and other ecosystem participants. Quidax CEO Buchi Okoro predicts digital currencies will become central to financial transactions within five years as AI agents require programmable money to execute payments autonomously.
If you trade or hold crypto through Nigerian platforms, verify whether your provider is among the 14 conditionally approved firms. Companies earning crypto profits must now factor in the 30% tax. Operators outside the regulatory framework risk sudden shutdown—how will you confirm your platform's standing and prepare for tax obligations?