Video data protection is a prominent area of research. Researchers have proposed several coding techniques to ensure the secure and efficient transmission of video data. Compressed code stream video encryption is an advanced method designed to enhance security and protection by encrypting video data at the compressed code stream level. Leveraging the advantages of compressed video streams, this approach maximizes encryption efficiency without compromising playback speed or video quality. In this research, we first compress the raw video data into a compressed code stream using the H.264/AVC technique. A common method encodes multiple independent slices into a video. We utilize this functionality to implement the ChaCha20 stream cipher for encryption. The cryptographic key derivation function (KDF) generates and updates the key dynamically. To enhance the security of video encryption, we propose a novel multi-key verifiable homomorphic lightweight cryptosystem (MKVHLC) to guarantee data privacy. In our experiments, we evaluated the proposed method using various reference video sequences featuring motion, texture, and objects.