ENUGU, Nigeria (VOICE OF NAIJA)- President Bola Tinubu has signed an Executive Order establishing a coordinated regulatory framework for Nigeria’s virtual assets sector, creating a Virtual Asset Council to harmonise oversight, strengthen investor protection and drive innovation in the country’s fast-growing digital economy.
The Presidential Executive Order on Virtual Assets Coordination, 2026, which takes immediate effect, seeks to eliminate regulatory overlaps among government agencies while addressing risks associated with cryptocurrencies and other digital assets, including money laundering, terrorism financing, cybercrime, fraud and revenue leakages.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed the development in a statement issued on Friday, explaining that the order was made pursuant to Section 5 of the 1999 Constitution (as amended).
According to the Presidency, the rapid growth of virtual assets has outpaced existing regulatory structures, creating fragmented oversight because digital assets cut across traditional classifications such as currencies, commodities, securities and payment systems.
It said the new framework would protect Nigerians from fraudulent operators while encouraging legitimate investment and responsible innovation in the digital assets ecosystem.
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Under the Executive Order, a Virtual Asset Council has been established with the Central Bank of Nigeria (CBN) as chairman, while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairmen.
Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The council will provide policy direction, coordinate regulatory activities among 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, which will serve as the operational arm of the council, with its secretariat domiciled at the CBN.
According to the Presidency, the office will coordinate information sharing, applications and regulatory reporting through an integrated supervisory technology platform while allowing each participating agency to retain its statutory powers and control over its data.
The government stressed that the order neither creates a new regulator nor strips existing agencies of their statutory responsibilities, but instead provides a mechanism for coordinated regulation and improved efficiency.
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Under the new framework, digital asset activities will be regulated according to their nature. The SEC will oversee virtual assets classified as securities, while the CBN will regulate payment, settlement, custody and other non-security virtual asset services. Where jurisdictional disputes arise, the Virtual Asset Council will determine the appropriate regulator.
The Presidency further disclosed that the CBN is developing a regulatory sandbox that will allow eligible operators to test blockchain-based products and services under regulatory supervision before full market deployment.
The sandbox is expected to help regulators assess the impact of emerging technologies on monetary stability, consumer protection, financial inclusion, market integrity and revenue generation.
Meanwhile, the Nigeria Revenue Service is expected to unveil a tax policy for the virtual assets sector to provide clarity for operators while ensuring appropriate tax compliance.
The Federal Government is also finalising a comprehensive Virtual Assets White Paper that will define Nigeria’s long-term policy direction and implementation strategy for the sector.
To fast-track implementation, the newly established Virtual Asset Council has been directed to produce a Harmonised Implementation Framework within 30 days.