Tinubu Signs Executive Order on Virtual Assets
President Bola Ahmed Tinubu has signed a new Executive Order establishing a coordinated framework for the regulation of virtual assets in Nigeria, a move aimed at strengthening oversight of the digital economy while encouraging responsible innovation.
The Presidential Executive Order on Virtual Assets Coordination, 2026, which takes immediate effect, creates a Virtual Asset Council to improve collaboration among key financial, regulatory, and security agencies in supervising the fast-growing virtual assets sector.
According to a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the Order seeks to address regulatory gaps that have allowed fraudulent operators to exploit Nigerians and expose the country to risks such as money laundering, terrorism financing, cybercrime, data privacy breaches, and revenue losses.
The newly established 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-chairpersons. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
A Virtual Asset Office, to be based at the CBN, will serve as the council’s operational arm, coordinating information sharing, applications, and regulatory reporting among participating agencies through a shared supervisory technology platform.
The Presidency stressed that the Executive Order does not create a new regulatory agency or remove the statutory powers of existing institutions. Instead, it provides a mechanism for harmonising their activities while preserving their independence.
Under the framework, the SEC will continue to regulate virtual assets classified as securities, while the CBN will oversee payment, settlement, custody, and other services involving non-security virtual assets. The council will determine jurisdiction in cases where regulatory responsibility is unclear.
The Federal Government also announced plans to launch a regulatory sandbox under the CBN, allowing eligible operators to test virtual asset products and blockchain-based innovations under close supervision before they are introduced to the wider market.
In addition, the Nigeria Revenue Service is expected to unveil a tax policy specifically for the virtual assets sector to clarify tax obligations, improve compliance, and ensure the industry contributes to national revenue.
The government is also preparing a comprehensive Virtual Assets White Paper to outline Nigeria’s long-term policy direction for the sector.
The Executive Order directs the newly established council to develop a harmonised implementation framework within 30 days to facilitate swift execution of the policy.
