Tinubu Signs Executive Order to Regulate Virtual Assets, Establishes Coordinated Oversight Framework

President Bola Tinubu has signed a new executive order establishing a coordinated regulatory framework for virtual assets in Nigeria, with the Central Bank of Nigeria (CBN), the Nigeria Revenue Service (NRS), and the Securities and Exchange Commission (SEC) taking the lead in overseeing the sector.

The Presidency announced on Friday that the Presidential Executive Order on Virtual Assets Coordination, 2026, takes immediate effect.

In a statement issued by the President's Special Adviser on Information and Strategy, Bayo Onanuga, the government said the directive is aimed at harmonising the regulation of virtual assets, improving cooperation among financial regulators, protecting consumers from fraud, and promoting responsible innovation.

According to the Presidency, the executive order was introduced to address gaps in the country's fragmented regulatory framework, as virtual assets increasingly blur the distinction between currencies, securities, commodities, and other financial instruments.

The government warned that regulatory loopholes have exposed Nigeria to money laundering, terrorism financing, cybercrime, fraud, and significant revenue losses, while allowing unregistered operators to exploit unsuspecting investors.

To strengthen oversight, the order establishes a Virtual Asset Council, which will be chaired by the CBN, with the Nigeria Revenue Service and the Securities and Exchange Commission serving as vice-chairpersons.

Other members of the council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).

The council will provide policy direction, enhance collaboration among relevant agencies, and work with the Attorney-General of the Federation to develop a unified legal and institutional framework for regulating virtual assets in Nigeria.

The executive order also creates a Virtual Asset Office within the CBN to coordinate information sharing, regulatory applications, and reporting among participating institutions.

The Presidency clarified that the order does not establish a new regulatory agency or transfer the statutory powers of existing institutions.

Instead, each agency will retain its legal mandate while operating within a coordinated regulatory framework.

Under the new arrangement, virtual assets classified as securities will continue to be regulated by the SEC, while the CBN will oversee payment, settlement, custody, and other services involving virtual assets that do not qualify as securities. Where regulatory jurisdiction overlaps, the Virtual Asset Council will determine the appropriate supervising authority.

The Presidency also disclosed that the CBN is moving forward with plans to establish a regulatory sandbox that will allow approved operators to test virtual asset products, blockchain-based services, and other innovations under regulatory supervision before they are introduced into the broader market.

In addition, the Nigeria Revenue Service is expected to issue a comprehensive tax policy for the virtual assets sector to clarify the application of existing tax laws and encourage voluntary compliance.

The Federal Government is also finalising a Virtual Assets White Paper, which will outline Nigeria's long-term strategy for the industry.

To ensure swift implementation, the newly inaugurated Virtual Asset Council has been directed to produce a harmonised implementation framework within 30 days.