President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a new framework aimed at improving oversight of Nigeria’s virtual assets sector while encouraging responsible innovation.
The Executive Order, signed under Section 5 of the 1999 Constitution (as amended), takes immediate effect and seeks to harmonise the regulation of virtual assets by strengthening collaboration among key financial, revenue and capital market regulators.
According to a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the initiative is intended to protect Nigerians from fraudulent operators, safeguard the country’s financial system and address regulatory gaps created by the rapid growth of virtual assets.
The Presidency noted that virtual assets have increasingly blurred the traditional distinctions between currencies, money, commodities and securities, creating overlapping responsibilities among government agencies while leaving loopholes that have been exploited by unregistered operators.
It said the fragmented regulatory environment has exposed Nigeria to risks such as money laundering, terrorism financing, cybersecurity threats, data privacy breaches, fraud and revenue losses.
To address these challenges, the Executive Order establishes a Virtual Asset Council, which will be chaired by the Central Bank of Nigeria (CBN).
The Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairpersons, while the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA) will also be members.
The Council will be responsible for providing policy direction, promoting cooperation among participating agencies and working with the Attorney-General of the Federation to develop a harmonised legal and institutional framework that aligns virtual asset regulation with Nigeria’s national security, economic and social priorities.
The Order also creates a Virtual Asset Office, which will function as the Council’s operational arm.
With its secretariat located at the CBN, the office will coordinate information sharing, applications and reporting among participating agencies through an integrated supervisory technology platform while allowing each agency to retain ownership of its data.
The Presidency stressed that the Executive Order does not establish a new regulator or remove statutory powers from existing institutions.
Instead, it provides a coordinated approach that preserves the independence of each agency while ensuring effective collaboration.
Under the framework, registration of virtual asset operators will depend on the nature of their activities.
The SEC will regulate activities involving securities, while the CBN will oversee payment, settlement, custody and related services linked to non-security virtual assets.
Where jurisdiction is unclear, the Virtual Asset Council will determine the appropriate regulatory authority.
Officials said the arrangement is expected to eliminate loopholes previously exploited by unregistered operators to evade regulatory oversight.
As part of the new framework, the Central Bank of Nigeria will launch a regulatory sandbox that will allow eligible operators to test virtual asset products, blockchain solutions and related services under close regulatory supervision.
The sandbox is expected to enable regulators to evaluate the potential impact of new products on monetary sovereignty, financial stability, consumer protection, financial inclusion, market integrity and revenue administration before they are introduced to the wider public.
The CBN is expected to announce further details in due course.
The Nigerian Revenue Service will also unveil a tax policy specifically for the virtual assets sector, which is expected to clarify the application of Nigeria’s tax laws to virtual assets, improve voluntary compliance and ensure that the growing sector contributes fairly to government revenue.
In addition, the federal government disclosed that it is finalising a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction and implementation priorities for the sector.
To ensure swift implementation, President Tinubu has directed the newly established Virtual Asset Council to produce a Harmonised Implementation Framework within 30 days to guide participating agencies in executing the Executive Order.
