President Tinubu signs executive order on virtual assets

By Philippine Duru

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President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, marking a significant step in Nigeria’s efforts to regulate the rapidly growing virtual assets industry while promoting innovation in the digital economy.

The Executive Order, which took immediate effect upon signing, is designed to harmonise the regulation of virtual assets, improve coordination among government agencies, protect investors from fraud, and strengthen the integrity of Nigeria’s financial system.

According to a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the new policy responds to the increasingly complex nature of virtual assets, which now cut across traditional categories such as currencies, securities, commodities and digital payment systems. The Presidency noted that fragmented oversight had created regulatory gaps that were being exploited by fraudulent and unregistered operators, exposing Nigerians to financial crimes, cyber threats, money laundering and revenue losses.

A major highlight of the Executive Order is the establishment of a Virtual Asset Council, which will coordinate regulatory oversight across relevant agencies.

The council will be chaired by the Central Bank of Nigeria (CBN), while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairpersons. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).

The council is expected to provide strategic policy direction, improve inter-agency collaboration, and work with the Office of the Attorney-General of the Federation to develop a harmonised legal and institutional framework that aligns the virtual assets sector with Nigeria’s economic, security and social objectives.

The Executive Order also establishes a Virtual Asset Office, which will function as the operational arm of the council. The office will be headquartered at the Central Bank of Nigeria and will coordinate regulatory reporting, information sharing and licensing processes through an integrated supervisory technology platform.

Government officials explained that the arrangement is intended to improve efficiency without creating another regulator or stripping existing agencies of their statutory responsibilities. Instead, each agency will continue to regulate areas that fall within its legal mandate.

Under the new framework, the Securities and Exchange Commission will continue to regulate virtual assets that qualify as securities, while the Central Bank of Nigeria will oversee payment systems, settlement services, custody operations and other non-security virtual asset activities.

Where jurisdiction overlaps or remains unclear, the newly created Virtual Asset Council will determine the appropriate regulatory authority.

The Presidency said the Executive Order aims to eliminate regulatory loopholes that have enabled illegal operators to exploit unsuspecting Nigerians.

It also seeks to strengthen Nigeria’s ability to combat money laundering, terrorism financing, cybercrime, tax evasion and other financial offences associated with digital assets while encouraging responsible innovation in blockchain technology and financial technology (FinTech).

As part of the implementation plan, the Central Bank is expected to introduce a regulatory sandbox that will allow eligible firms to test blockchain-based products, cryptocurrency services and other virtual asset innovations under regulatory supervision before they are launched commercially. The sandbox will enable regulators to assess potential risks to financial stability, consumer protection and monetary policy while supporting innovation.

The Federal Government also disclosed that the Nigeria Revenue Service will develop a dedicated tax policy for the virtual assets industry to provide clarity on the application of existing tax laws, encourage voluntary compliance and improve government revenue from the expanding digital economy.

In addition, work is said to be at an advanced stage on a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term strategy, implementation priorities and policy roadmap for the sector.

President Tinubu has directed the newly established Virtual Asset Council to produce a Harmonised Implementation Framework within 30 days, ensuring swift execution of the Executive Order and improved coordination among participating agencies.

Industry stakeholders believe the initiative could position Nigeria as one of Africa’s leading destinations for digital finance and blockchain innovation by providing greater regulatory certainty while safeguarding consumers and strengthening confidence in the country’s digital economy.