Tinubu Signs Executive Order to Streamline Regulation of Virtual Assets
President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a new framework to harmonise the regulation of virtual assets, strengthen inter-agency collaboration and protect Nigerians from fraud while promoting responsible innovation in the digital economy.
The Executive Order, signed pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), took immediate effect on Friday.
According to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Order is aimed at addressing the fragmented regulatory environment surrounding virtual assets, where the convergence of currencies, securities, commodities and digital payment systems has created overlapping responsibilities among government agencies.
The Presidency noted that the absence of coordinated oversight had exposed the country to risks such as money laundering, terrorism financing, cybercrime, data privacy breaches, fraud and revenue losses, while allowing unregistered operators to exploit regulatory gaps and defraud unsuspecting Nigerians.
To address these challenges, the Executive Order establishes a Virtual Asset Council, to 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-chairpersons.
Other members of the Council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council will provide strategic policy direction, enhance collaboration among regulatory agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework aligned with Nigeria’s national security, economic and social priorities.
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The President also approved the establishment of a Virtual Asset Office, which will serve as the operational arm of the Council. The office, to be headquartered at the Central Bank of Nigeria, will coordinate information sharing, applications and regulatory reporting through an integrated supervisory technology platform while allowing participating agencies to retain ownership and control of their respective data.
The Presidency stressed that the Executive Order does not create a new regulatory authority or diminish the statutory powers of existing agencies. Instead, it provides a coordinated framework that enables regulators to work together more effectively.
Under the new arrangement, virtual asset operators will be regulated according to the nature of their activities. Securities-related virtual asset businesses will fall under the oversight of the Securities and Exchange Commission, while payment, settlement, custody and other non-security virtual asset services will be regulated by the Central Bank of Nigeria. The Council will resolve jurisdictional issues where regulatory responsibilities overlap.
As part of the implementation strategy, the Central Bank of Nigeria will launch a regulatory sandbox that will allow eligible firms to test virtual asset products, blockchain-based solutions and related services in a controlled environment under regulatory supervision before they are introduced into the wider market.
The Presidency said the initiative would enable regulators to assess potential implications for financial stability, monetary policy, consumer protection, market integrity, financial inclusion and revenue administration while encouraging innovation.
In addition, the Nigeria Revenue Service is expected to unveil a dedicated tax policy for the virtual assets sector to provide clarity for taxpayers and service providers, improve voluntary compliance and ensure that the growing digital economy contributes fairly to national revenue.
The Federal Government also disclosed that it is finalising a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction and implementation roadmap for the sector.
President Tinubu directed the newly established Virtual Asset Council to produce a Harmonised Implementation Framework within 30 days to guide participating agencies and facilitate the effective implementation of the Executive Order.
The move is expected to strengthen regulatory coordination, improve investor confidence and position Nigeria’s digital economy for sustainable growth while safeguarding the country’s financial system against emerging risks.
By PRNigeria
