President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a coordinated regulatory framework for virtual assets to curb fraud, strengthen oversight and promote responsible innovation in Nigeria’s digital economy.
The Executive Order, which takes immediate effect, establishes a Virtual Asset Council to improve collaboration among financial, revenue, capital market and security agencies while preserving the statutory powers of existing regulators.
According to a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the Order was signed pursuant to Section 5 of the 1999 Constitution.
The Presidency said the Executive Order became necessary because virtual assets increasingly blur the traditional boundaries between currencies, money, commodities and securities, creating overlaps and gaps in regulation.
It noted that the fragmented regulatory environment has exposed the country to money laundering, terrorism financing, cybersecurity threats, data privacy breaches, fraud and revenue losses.
“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” the statement said.
The statement explained that the new framework is intended to improve coordination among regulators rather than create additional bureaucracy.
“The Order is designed to close these gaps through supervisory coordination, without introducing new layers of regulation or displacing the mandates of existing agencies,” it stated.
Under the framework, the Virtual Asset 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-chairmen. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council will provide policy direction, promote synergy among participating agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for the sector.
The Executive Order also creates a Virtual Asset Office, domiciled at the CBN, to coordinate information sharing, applications and reporting among agencies through an integrated supervisory technology platform.
The Presidency stressed that the Order does not establish a new regulator or transfer powers from existing agencies.
“Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it,” the statement said.
It added that registration of operators will depend on the nature of the activity involved, with the SEC regulating virtual assets classified as securities, while the CBN will oversee payment, settlement, custody and related services involving non-security virtual assets.
“This closes the gaps through which unregistered operators have previously escaped oversight,” the Presidency added.
As part of the initiative, the CBN will establish a regulatory sandbox where eligible operators can test virtual asset products, services and blockchain-based solutions under close regulatory supervision before they are introduced into the wider market.
The Nigeria Revenue Service will also issue a tax policy for the virtual assets sector.
“The policy operationalises Nigeria’s tax laws as they apply to virtual assets, providing greater certainty for taxpayers and service providers, strengthening voluntary compliance, and ensuring that the sector contributes fairly to national revenue as it grows,” the statement said.
The Federal Government is also finalising a Virtual Assets White Paper to provide a long-term roadmap for the sector.
President Tinubu directed the newly established Council to produce a Harmonised Implementation Framework within 30 days to guide participating agencies and ensure the speedy implementation of the Executive Order.