Blockchain.com Approved for Nigeria SEC Regulatory Sandbox

The program allows the SEC to examine new business models, including investor protection, operational risks, and anti-money laundering controls, before determining long-term regulations for virtual assets. Blockchain.com will work directly with the regulator during this incubation period, adhering to ongoing compliance rules and testing requirements.

Owen Odia, Blockchain.com's General Manager for Africa, stated that Nigeria is a key digital asset market and participation in ARIP is a significant step in the company's commitment to the country. He highlighted that the controlled environment enables direct collaboration with the SEC for operational expansion.

This Nigerian approval follows similar regulatory milestones for Blockchain.com in other jurisdictions, including registration with the UK Financial Conduct Authority, authorization under the EU's Markets in Crypto-Assets framework, and a Virtual Asset Service Provider license from the Cayman Islands Monetary Authority. Nigeria is considered a priority market for Blockchain.com's African expansion, given the widespread use of digital assets in the country for trading, payments, and value transfer.