Tinubu Signs Executive Order to Regulate Cryptocurrency, Virtual Assets

President Bola Tinubu has signed an Executive Order establishing a coordinated regulatory framework for virtual assets in Nigeria, aimed at strengthening oversight of the country’s growing digital asset sector, protecting investors and tackling financial crimes.

 

The Presidential Executive Order on Virtual Assets Coordination, 2026, which takes immediate effect, was signed pursuant to Section 5 of the 1999 Constitution.

 

According to a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the order seeks to address regulatory gaps caused by the involvement of multiple agencies in the virtual assets ecosystem.

 

He said the framework would improve coordination among regulators, close loopholes exploited by fraudulent operators and promote responsible innovation in the digital economy.

 

Onanuga noted that weak regulatory coordination had exposed the country to risks such as money laundering, terrorism financing, cybercrime, data privacy breaches, fraud and revenue losses.

 

To strengthen oversight, 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 coordinate regulatory activities, provide policy direction and work with the Attorney General of the Federation to develop a harmonised legal framework for the sector.

 

The order also creates a Virtual Asset Office within the CBN to coordinate information sharing, process applications and support regulatory supervision through an integrated technology platform.

 

The Presidency clarified that the executive order does not establish a new regulator or remove the statutory powers of existing agencies. Instead, regulatory responsibilities will continue to depend on the nature of the virtual asset or service involved.

 

Under the framework, virtual assets classified as securities will remain under the supervision of the SEC, while payment, settlement, custody and other non-security virtual asset services will be regulated by the CBN.

 

The reforms also provide for a CBN regulatory sandbox, allowing eligible firms to test blockchain and virtual asset products under regulatory supervision before full deployment.

 

In addition, the Nigeria Revenue Service is expected to introduce a tax policy for virtual assets to clarify the application of existing tax laws and improve compliance.

 

The Federal Government also disclosed that it is finalising a Virtual Assets White Paper to outline Nigeria’s long-term strategy for the sector, while the newly established Virtual Asset Council has been directed to develop a harmonised implementation framework within 30 days.