Nigeria’s President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination 2026, creating a framework to coordinate the regulation of virtual assets across the country’s financial, revenue, capital markets and security agencies.
The order took effect immediately and was signed under Section 5 of the Constitution of the Federal Republic of Nigeria.
The executive order is designed to strengthen cooperation among relevant agencies, protect citizens from fraud, preserve the integrity of Nigeria’s financial system and support responsible innovation in the virtual asset sector.
The government said the measure responds to a fragmented regulatory environment in which virtual assets increasingly cut across the traditional boundaries of currencies, money, commodities and securities.
That fragmentation has resulted in overlapping responsibilities in some areas and regulatory gaps in others, exposing the country to money laundering, terrorism financing, cybersecurity and data privacy threats, fraud and revenue losses.
CBN-led council to align regulatory policy
The executive order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria.
The Nigeria Revenue Service and the Securities and Exchange Commission will serve as vice-chairs, while the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser will also sit on the council.
The body will provide policy direction, improve cooperation among participating agencies and work with the Attorney-General of the Federation to develop a harmonized legal and institutional framework for the sector.
That framework will be expected to align virtual asset regulation with Nigeria’s national security, economic and social objectives.
The order also creates a Virtual Asset Office to serve as the council’s operational body, with its secretariat located at the CBN.
The office will coordinate information sharing, applications and reporting among participating agencies on a day-to-day basis.
Its work will be supported by an integrated supervisory technology platform intended to give the agencies shared visibility while allowing each institution to retain ownership and control of its data.
Order preserves powers of existing agencies
The order leaves existing regulators in charge but gives them a clearer way to work together.
The SEC will oversee virtual assets treated as securities, while the CBN will handle payments, settlements, custody and other non-security services, with the Virtual Asset Council stepping in when responsibility is unclear.
The government said the structure would close loopholes that unregistered operators had used to avoid scrutiny.
CBN to introduce virtual asset sandbox
The CBN plans to create a closely supervised testing space where eligible operators can trial virtual asset products, services and blockchain tools before taking them to the wider Nigerian market.
The program will allow regulators to examine how those innovations could affect monetary control, financial stability, market integrity, consumer protection, financial inclusion and tax administration.
It will also help ensure that products offered to Nigerians have passed through proper regulatory scrutiny before reaching the public.
New tax guidance planned for virtual assets
The Nigeria Revenue Service is preparing new tax guidance for businesses and individuals operating in the virtual asset market.
The framework will explain how current tax rules apply to the sector, giving operators greater clarity while encouraging them to meet their obligations.
It will also bring tax administration into the wider regulatory effort and help the government capture revenue from the industry as it grows.
Government prepares long-term virtual asset roadmap
The Federal Government is preparing a policy paper that will outline Nigeria’s long-term plans for the virtual asset industry and the steps needed to put them into practice.
The document is expected to give regulators, operators and other industry participants a clearer view of the country’s direction for the sector.
The Virtual Asset Council has also been given 30 days to produce a joint implementation plan for the agencies involved.
The order is aimed at bringing regulators under a more coordinated system while allowing each agency to keep its existing powers and responsibilities.
Nigeria’s crypto activity underscores need for oversight
The order comes at a critical time for one of the world’s most active crypto markets.
Nigeria ranked sixth globally for cryptocurrency adoption in 2025 and received more than $92.1 billion in on-chain value between July 2024 and June 2025, nearly three times South Africa’s total.
The SEC has also estimated that more than a third of Nigeria’s population is involved in digital assets, highlighting the need for rules that can protect users while allowing legitimate innovation to grow.
