President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a new framework aimed at harmonising the regulation of virtual assets in Nigeria while promoting responsible innovation in the country’s digital economy.
The Executive Order, signed pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), takes immediate effect.
According to a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the directive is intended to improve collaboration among financial, revenue and capital market regulators, protect Nigerians from fraudulent operators and strengthen the integrity of the country’s financial system.
The Presidency explained that the rapid growth of virtual assets has blurred the traditional distinctions between currencies, commodities, securities and payment systems, creating regulatory overlaps and gaps that require coordinated government action.
Regulatory gaps prompt action
The Federal Government said the Executive Order was introduced in response to the fragmented nature of Nigeria’s regulatory environment for virtual assets.
According to the statement, government agencies have often operated independently, resulting in overlaps in some areas and regulatory gaps in others.
The Presidency noted that the lack of coordination had exposed the country to risks such as money laundering, terrorism financing, cybercrime, data privacy breaches, fraud and significant revenue losses.
It added that fraudulent and unregistered operators had exploited these weaknesses to deceive unsuspecting Nigerians, causing many families to lose their savings through illegal investment schemes and other financial crimes.
The government stressed that the new framework is designed to close these loopholes without creating additional regulatory burdens or taking away the statutory responsibilities of existing institutions.
Virtual Asset Council established
To strengthen coordination, President Tinubu approved the establishment of a Virtual Asset Council.
The council will be chaired by the Central Bank of Nigeria, while the Nigeria Revenue Service and the Securities and Exchange Commission will serve as vice-chairpersons.
Other members include the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser.
According to the Presidency, the council will provide policy direction, improve cooperation among participating agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for the regulation of virtual assets.
The framework is expected to align the sector with Nigeria’s national security priorities, economic objectives and broader social development goals.
Operational office to coordinate agencies
The Executive Order also establishes a Virtual Asset Office as the operational arm of the council.
The office will have its secretariat at the Central Bank of Nigeria and will oversee day-to-day coordination among participating agencies through information sharing, application processing and regulatory reporting.
The office will be supported by an integrated supervisory technology platform designed to improve cooperation while allowing each participating institution to retain ownership and control of its own data.
The Presidency clarified that the Executive Order does not establish a new regulator or transfer statutory powers from one agency to another.
Instead, each institution will continue to perform its existing responsibilities while operating within a coordinated national framework.
Activities involving virtual assets classified as securities will remain under the supervision of the Securities and Exchange Commission, while payment, settlement, custody and related services involving non-security virtual assets will continue to be regulated by the Central Bank of Nigeria.
Where regulatory responsibility is unclear, the Virtual Asset Council will determine the appropriate authority.
Sandbox, tax policy and implementation
As part of the coordinated approach, the Central Bank of Nigeria will launch a regulatory sandbox that will allow eligible operators to test virtual asset products, blockchain technologies and related financial services under close regulatory supervision.
The Presidency said the initiative would enable regulators to assess the impact of emerging technologies on financial stability, monetary sovereignty, consumer protection, market integrity, financial inclusion and revenue administration before such products are introduced into the wider market.
The CBN is expected to announce additional guidelines for the sandbox in due course.
The Nigeria Revenue Service will also issue a tax policy specifically for the virtual assets sector to provide clarity on the application of existing tax laws, strengthen voluntary compliance and ensure that participants in the industry contribute fairly to government revenue.
The Federal Government further disclosed that work is nearing completion on a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction and implementation strategy for the sector.
To ensure swift implementation of the Executive Order, President Tinubu directed the newly established Virtual Asset Council to produce a Harmonised Implementation Framework within 30 days, providing participating agencies with a unified roadmap for executing the new regulatory regime.