President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a framework to harmonise the regulation of virtual assets and strengthen oversight of Nigeria’s growing digital economy.
According to a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Executive Order seeks to improve cooperation among financial, revenue and capital market regulators, protect citizens from fraud, and safeguard the integrity of the financial system while promoting responsible innovation in the virtual assets sector.
The Presidency said the Order was introduced in response to increasing regulatory challenges posed by virtual assets, which often cut across traditional categories of currencies, commodities, securities and payment systems.
It noted that fragmented oversight had exposed the country to risks such as money laundering, terrorism financing, cybersecurity threats, fraud and revenue losses, with unregistered operators exploiting regulatory gaps to defraud unsuspecting Nigerians.
To address these challenges, the Order establishes a Virtual Asset Council 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 Council will provide policy direction, coordinate regulatory efforts and work with the Attorney-General of the Federation to develop a harmonised legal framework for the sector.
“The Order is designed to close these gaps through supervisory coordination, without introducing new layers of regulation or displacing the mandates of existing agencies,” the statement said.
It added that the framework would not create a new regulator or transfer powers between agencies, as each institution would retain its statutory responsibilities while working within a coordinated structure.
The Order also creates a Virtual Asset Office, to be domiciled at the CBN, to coordinate information sharing, applications and reporting among participating agencies.
Under the framework, activities classified as securities will be regulated by the SEC, while payment, settlement, custody and related services involving non-security virtual assets will fall under the supervision of the CBN.
“This closes the gaps through which unregistered operators have previously escaped oversight,” the Presidency stated.
As part of the reforms, the CBN will introduce a regulatory sandbox that will allow eligible operators to test virtual asset products and blockchain-based solutions under regulatory supervision.
The Nigeria Revenue Service is also expected to release a tax policy for the virtual assets sector aimed at improving compliance and ensuring that the industry contributes to national revenue.
The Presidency further disclosed that a comprehensive Virtual Assets White Paper is being finalised to provide long-term policy direction for the sector, while the newly established Council has been directed to develop a Harmonised Implementation Framework within 30 days.
