Luno Nigeria just became the first global crypto exchange to receive Approval-in-Principle from Nigeria’s Securities and Exchange Commission for admission into its Accelerated Regulatory Incubation Programme. The approval, granted on July 2, positions the exchange to operate under a supervised framework while the country’s broader digital asset regulations take shape.
What the ARIP actually is
The SEC launched ARIP back in June 2024 to create an interim framework for Virtual Asset Service Providers and Digital Investment Service Providers while permanent rules are still being written. Crypto companies get to operate legally, but under the SEC’s watchful eye and with specific compliance requirements they need to meet.
Luno wasn’t the only firm to get the green light. The SEC also granted AIP to six other entities in the same batch, bringing the total number of firms in the programme to seven. But Luno’s distinction as the first global exchange to clear this hurdle is what makes the announcement significant for international observers.
Luno CEO Ayotunde Alabi framed the approval as validation of the company’s compliance-first approach. He described it as a major milestone for responsible growth in Africa’s crypto market, a characterization that tracks with how Luno has historically positioned itself in markets like South Africa and Malaysia where it also operates.
