By Imisoluwa Afunmiso
President Bola Tinubu has signed a Presidential Executive Order on Virtual Assets Coordination, 2026.
This directive establishes a unified regulatory framework for virtual assets in Nigeria, aiming to protect investors, foster responsible innovation, and enhance collaboration among key financial regulators.
Signed pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), the Executive Order takes immediate effect.
According to a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, the order seeks to harmonise virtual asset regulations, strengthen cooperation among financial, revenue, and capital market agencies, protect Nigerians from fraud, and safeguard the integrity of the country’s financial system.
The Presidency explained that the intervention became necessary as the increasing use of virtual assets has blurred traditional boundaries between currencies, commodities, and securities.
This shift has resulted in fragmented regulations, overlapping responsibilities, and supervisory gaps among relevant agencies. Furthermore, these regulatory loopholes have exposed the country to severe risks, including money laundering, terrorism financing, cybersecurity and data privacy threats, fraud, and substantial revenue losses driven by unregistered operators exploiting unsuspecting citizens.
To address these challenges, the Order establishes the Virtual Asset Council, which 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 of the Council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council is tasked with providing policy direction, promoting synergy among participating agencies, and working with the Attorney-General of the Federation to develop a harmonised legal and institutional framework that aligns the virtual assets sector with Nigeria’s national security, economic, and social objectives.
The Executive Order also creates the Virtual Asset Office as the operational arm of the Council, with its secretariat domiciled at the CBN.
This office will coordinate information sharing, applications, and reporting among participating agencies through an integrated supervisory technology platform, while ensuring each agency retains ownership and control of its respective data.
The Presidency stressed that the Order neither creates a new regulatory body nor transfers statutory powers between agencies; rather, each institution will continue to exercise its existing mandate under this newly coordinated framework.
Under the new arrangement, the registration of operators will depend entirely on the nature of the activity and the asset involved. Activities involving securities will be registered by the SEC, while payment, settlement, custody, and related services involving non-security virtual assets will be regulated by the CBN.
In cases where jurisdiction cannot be readily established, the Council will determine the responsible agency.
As part of this coordinated framework, the CBN will establish a regulatory sandbox to allow eligible operators to test virtual asset products, services, and blockchain-based solutions under regulatory supervision before they are introduced to the wider market.
This sandbox will enable regulators to assess how such innovations impact monetary sovereignty, financial stability, market integrity, consumer protection, financial inclusion, and revenue administration.
In tandem with these measures, the Nigeria Revenue Service is expected to release a comprehensive tax policy for the virtual assets sector.
This policy aims to provide certainty for taxpayers and service providers, strengthen voluntary tax compliance, and ensure the sector contributes fairly to national revenue.
The Federal Government also disclosed that it is finalising a comprehensive Virtual Assets White Paper to outline the country’s long-term policy direction and implementation priorities for the sector.
To facilitate the swift execution of these goals, the Presidency has directed the newly established Council to develop a Harmonised Implementation Framework within 30 days.