President Bola Tinubu has signed a Presidential Executive Order establishing a coordinated regulatory framework for virtual assets, and creating a new council to strengthen oversight of Nigeria’s fast-growing digital economy while protecting citizens from fraud and financial crimes.
The Executive Order on Virtual Assets Coordination, 2026, which takes immediate effect, seeks to harmonise the activities of key financial and regulatory agencies without creating a new regulator or altering the statutory powers of existing institutions.
The new framework comes amid growing concerns over fragmented regulation of cryptocurrencies and other virtual assets, which the Federal Government says has exposed Nigeria to money laundering, terrorism financing, cybersecurity threats, fraud and revenue losses.
According to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Executive Order establishes a Virtual Assets Council, chaired by the Central Bank of Nigeria, CBN, with the Nigeria Revenue Service, NRS and the Securities and Exchange Commission, SEC serving as vice-chairpersons.
Other members include the Nigerian Financial Intelligence Unit, NFIU and the Office of the National Security Adviser, ONSA.
The Council will provide policy direction, improve coordination among regulators and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework aligned with Nigeria’s national security and economic objectives.
The President also approved the establishment of a Virtual Assets Office, to be domiciled at the CBN, to coordinate information sharing, applications and reporting among participating agencies through an integrated supervisory technology platform.
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The Order clarifies that registration of virtual asset operators will depend on the nature of their activities. Securities-related services will be regulated by the SEC, while payment, settlement, custody and other non-security virtual asset services will fall under the CBN, with the Council resolving jurisdictional disputes where necessary.
As part of the reforms, the CBN will launch a regulatory sandbox allowing eligible firms to test blockchain and virtual asset products under regulatory supervision before they are introduced into the wider market.
The Nigerian Revenue Service is also expected to unveil a tax policy for virtual assets to improve compliance and ensure the sector contributes to national revenue.
The Federal Government said it is finalising a comprehensive Virtual Assets White Paper to provide a long-term policy roadmap for the sector, while directing the newly established Council to produce a Harmonised Implementation Framework within 30 days to ensure the Executive Order is fully implemented.
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(Editor: Terverr Tyav)
