President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a coordinated regulatory framework for Nigeria’s virtual assets ecosystem and creating a high-level inter-agency council to strengthen oversight of the sector.
The Executive Order, which takes immediate effect, is aimed at harmonising the regulation of virtual assets, improving collaboration among relevant government agencies, protecting investors from fraud and positioning Nigeria’s digital economy for sustainable growth.
The Presidency said the new framework became necessary following the rapid expansion of virtual assets, which has outpaced existing regulations and created overlapping responsibilities among regulators, leaving gaps exploited by fraudulent operators.
According to a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the fragmented regulatory environment has exposed Nigeria to money laundering, terrorism financing, cyber threats, data privacy breaches and significant revenue losses.
To address the challenges, President Tinubu approved the establishment of a Virtual Asset Council to coordinate regulatory activities across government institutions.
The Council will be chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairmen. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The statement said the Council will provide policy direction, promote regulatory synergy and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for the sector.
The Executive Order also creates a Virtual Asset Office, domiciled at the CBN, to serve as the Council’s operational arm by coordinating information sharing, regulatory applications and reporting through an integrated supervisory technology platform.
The Presidency clarified that the Order does not establish a new regulatory agency or diminish the statutory powers of existing institutions. Rather, it provides a coordinated framework under which each agency will continue to exercise its legal mandate.
Under the arrangement, the SEC will regulate virtual assets classified as securities, while the CBN will oversee payment, settlement, custody and other services involving non-security virtual assets. Where regulatory jurisdiction is unclear, the Council will determine the appropriate supervising agency.
As part of the implementation strategy, the CBN will launch a regulatory sandbox to enable eligible operators to test virtual asset products, blockchain-based services and other digital innovations under close regulatory supervision before they are introduced into the wider market.
The Nigeria Revenue Service is also expected to release a tax policy for the virtual assets sector to provide clarity on the application of existing tax laws, improve voluntary compliance and boost government revenue.
The Federal Government further disclosed that it is finalising a comprehensive Virtual Assets White Paper that will define Nigeria’s long-term policy direction and implementation priorities for the sector.
President Tinubu has directed the newly inaugurated Council to produce a Harmonised Implementation Framework within 30 days to fast-track the implementation of the Executive Order.
