Tinubu Signs Executive Order to Harmonise Nigeria’s Virtual Asset Regulation, Establishes Coordinating Council

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President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a unified framework to coordinate the regulation of cryptocurrencies and other virtual assets across Nigeria’s financial and security institutions.

The Executive Order, signed pursuant to Section 5 of the 1999 Constitution (as amended), takes immediate effect and seeks to address years of fragmented oversight by creating a coordinated regulatory structure without altering the statutory powers of existing agencies.

According to the Presidency, the new framework responds to the increasingly complex nature of virtual assets, which now blur the traditional boundaries between currencies, commodities, securities, and payment systems. It aims to eliminate regulatory overlaps, close enforcement gaps, and provide greater clarity for businesses, investors, and consumers operating within Nigeria’s digital asset ecosystem.

The Presidency said the lack of coordination among regulatory agencies had exposed the country to risks including money laundering, terrorism financing, fraud, cybersecurity threats, data privacy concerns, and revenue losses, while allowing unregistered operators to exploit regulatory loopholes and defraud unsuspecting Nigerians.

At the centre of the new framework is the establishment of the Virtual Asset Council, which will serve as the government’s coordinating body for virtual asset regulation.

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

The Council will provide strategic policy direction, improve collaboration among participating agencies, and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework aligned with Nigeria’s economic, financial, and national security objectives.

The Executive Order also establishes a Virtual Asset Office, which will serve as the operational arm of the Council, with its secretariat domiciled at the Central Bank of Nigeria.

The office will coordinate day-to-day information sharing, reporting, regulatory applications, and inter-agency collaboration through an integrated supervisory technology platform designed to improve oversight while allowing each agency to retain ownership and control of its regulatory data.

The Presidency stressed that the Executive Order does not establish a new regulator or transfer statutory authority from existing institutions.

Instead, each agency will continue exercising its existing legal mandate while operating under a coordinated framework designed to reduce duplication and improve regulatory efficiency.

Under the new arrangement, the SEC will continue registering virtual asset activities that qualify as securities, while the CBN will oversee the registration of payment, settlement, custody, and other non-security virtual asset services. Where regulatory responsibility is unclear, the Council will determine the appropriate agency.

As part of the new framework, the Central Bank will launch a regulatory sandbox that will allow eligible operators to test virtual asset products, blockchain applications, and related financial services in a controlled environment before wider market deployment.

The sandbox is expected to help regulators assess potential risks to financial stability, consumer protection, monetary policy, market integrity, financial inclusion, and revenue administration while supporting responsible innovation.

The Nigeria Revenue Service is also expected to introduce a dedicated tax policy for the virtual asset sector, providing greater certainty for taxpayers and service providers while ensuring the industry contributes appropriately to national revenue.

In addition, the Federal Government said it is finalising a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction and implementation priorities for the sector.

The Presidency said the newly established Council has been directed to develop a Harmonised Implementation Framework within 30 days to guide participating agencies in executing the Executive Order and ensuring its timely implementation.

Nigeria remains one of the world’s leading markets for cryptocurrency adoption by transaction volume. However, the country’s regulatory approach has evolved significantly in recent years.

In 2021, the Central Bank directed financial institutions to close accounts associated with cryptocurrency transactions, effectively pushing much of the market outside the traditional banking system. The policy was later revised in 2023 when the apex bank introduced a regulatory framework for virtual asset service providers, while the Securities and Exchange Commission continued developing its own licensing regime for digital asset operators.

The new Executive Order represents the Federal Government’s most comprehensive effort yet to align the country’s virtual asset regulatory landscape under a coordinated governance framework, balancing innovation with stronger oversight, consumer protection, and financial system integrity.