President Bola Tinubu has signed an Executive Order establishing a new framework to coordinate the regulation of virtual assets in Nigeria, in a move aimed at strengthening oversight, protecting investors and supporting innovation in the country's digital economy.
The Presidential Executive Order on Virtual Assets Coordination, 2026, took effect immediately after it was signed under Section 5 of the Constitution, according to a statement issued on Friday by the President's Special Adviser on Information and Strategy, Bayo Onanuga.
The order creates a Virtual Asset 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).
According to the Presidency, the council will harmonise the regulation of virtual assets, improve coordination among financial regulators and develop a unified legal framework to address issues such as money laundering, terrorism financing, cybercrime, fraud and tax compliance.
The Executive Order also establishes a Virtual Asset Office, which will be based at the CBN and serve as the council's operational secretariat. The office will coordinate information sharing, applications and regulatory reporting through a shared supervisory technology platform.
The Presidency stressed that the order does not create a new regulator or remove the statutory powers of existing agencies. Instead, it clarifies regulatory responsibilities, with the SEC overseeing virtual assets classified as securities, while the CBN will regulate payment, settlement and custody services involving non-security virtual assets.
As part of the new framework, the CBN will launch a regulatory sandbox to allow eligible firms to test virtual asset and blockchain-based products under regulatory supervision before full market deployment.
The Nigeria Revenue Service is also expected to release a tax policy for virtual assets, while the Federal Government is finalising a national Virtual Assets White Paper to guide the long-term development of the sector.
President Tinubu directed the newly established council to produce a harmonised implementation framework within 30 days.
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