Tinubu Signs Executive Order to Harmonise Regulation of Virtual Assets in Nigeria
Tinubu Signs Executive Order to Harmonise Regulation of Virtual Assets in Nigeria
Tinubu Signs Executive Order to Harmonise Regulation of Virtual Assets in Nigeria
President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, aimed at harmonising the regulation of virtual assets, strengthening inter-agency cooperation and protecting citizens from fraud.
The Executive Order, signed pursuant to Section 5 of the 1999 Constitution, as amended, takes immediate effect.
According to a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the order is designed to address gaps and overlaps in the regulation of virtual assets, which increasingly cut across traditional areas such as currencies, money, commodities and securities.
The Federal Government said the fragmented regulatory environment had exposed the country to risks including money laundering, terrorism financing, cybersecurity and data privacy threats, fraud and revenue losses.
It said the new framework would strengthen supervisory coordination without creating additional layers of regulation or displacing the statutory mandates of existing agencies.
Under the order, a Virtual Asset Council will be established and chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairs.
The Council will also comprise the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council will provide policy direction, promote cooperation among the participating agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for the sector.
The Executive Order also establishes a Virtual Asset Office, with its secretariat domiciled at the CBN, to coordinate information sharing, applications and reporting among the participating agencies.
The government clarified that the order does not create a new regulator or transfer powers between existing agencies. Rather, each institution will retain its statutory mandate and independence.
Registration of virtual asset operators will be based on the nature of the activity and asset involved. Securities-related activities will fall under the SEC, while payment, settlement, custody and related services involving non-security virtual assets will be registered with the CBN.
The Council will resolve cases where regulatory responsibility is unclear.
As part of the new framework, the CBN is also proceeding with a regulatory sandbox for virtual assets, providing eligible operators with a controlled environment to test products, services and blockchain-based solutions under regulatory supervision.
The sandbox will enable authorities to assess issues relating to monetary sovereignty, financial stability, market integrity, consumer protection, financial inclusion and revenue administration before products are introduced to the wider market.
The Nigeria Revenue Service is also expected to release a tax policy for the virtual assets sector to provide greater certainty for taxpayers and service providers, strengthen voluntary compliance and ensure the sector contributes fairly to national revenue.
The Federal Government is further finalising a comprehensive Virtual Assets White Paper to set out Nigeria’s long-term policy direction and implementation priorities for the sector.
The Virtual Asset Council has been directed to develop a Harmonised Implementation Framework within 30 days to guide the participating agencies and accelerate the implementation of the Executive Order.
Tinubu Signs Executive Order to Harmonise Regulation of Virtual Assets in Nigeria
