President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, which establishes a new national framework to co-ordinate the regulation of virtual assets, strengthen collaboration among financial regulators, and enhance oversight of Nigeria’s fast-expanding digital economy.
The Executive Order, which is effective immediately, establishes a Virtual Asset Council led by the Central Bank of Nigeria (CBN) as chairperson, with the Nigerian Revenue Service (NRS) and the Securities and Exchange Commission (SEC) as vice-chairs. Members of the Council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
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The Presidency stated that the new framework will address the regulatory confusion created by the increasing convergence of virtual assets into currencies, securities, and digital commodities.
It added that existing agency overlaps created regulatory gaps which exposed Nigeria to money laundering, terrorism financing, cybercrime, data breaches, fraud and tax losses.
The Order does not create a new regulator but coordinates existing regulators while preserving their mandates. According to the government, the council will provide policy guidance, foster information sharing, and facilitate a harmonized legal and institutional framework for the virtual assets sector, aligning it with Nigeria’s national security, economic and social goals.
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To support this co-ordination, the Order establishes a Virtual Asset Office which will act as the secretariat for the Council and will be housed at the Central Bank of Nigeria. The office will process applications, reports and information sharing amongst participating agencies through an integrated supervisory technology platform to enhance regulatory visibility, while ensuring agencies maintain ownership and control of their respective data.
The Presidency explained that, henceforth, regulatory responsibilities would be aligned with the nature of the virtual asset activity.
Virtual assets deemed as securities will be regulated by the SEC, whereas non-securities virtual asset services such as payments, settlement and custody, and associated activities, will be overseen by the CBN. Cases where the regulatory authority may be unclear would be referred to the Council, thereby eliminating regulatory loopholes exploitable by operators.
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The Executive Order also makes provisions to improve tax administration in the virtual asset space by fully operationalizing Nigeria’s current tax laws as they apply to virtual assets. The government said this would promote tax certainty and voluntary compliance among taxpayers and service providers, while ensuring that the rapidly growing sector contributes its fair share of tax revenues.
In addition, the Central Bank of Nigeria has been directed to proceed with the development of a regulatory sandbox for virtual assets.
This would create an environment where eligible fintech companies and service providers can test innovative blockchain-based products and digital asset services under a supervised framework, prior to full-scale deployment. The initiative, the government explained, would support responsible innovation and protect financial stability and consumers.
The Federal Government also indicated that a comprehensive Virtual Assets White Paper is in advanced stages of preparation to provide a long-term policy outlook and serve as a roadmap for all stakeholders in the sector.
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In the interim, the newly formed Council has been mandated to deliver a Harmonised Implementation Framework within 30 days for the seamless and timely execution of the Executive Order.
President Tinubu affirmed that this initiative is in line with his administration’s commitment to encourage innovation in a responsible manner, bolster financial integrity, and establish Nigeria as a leading global player in the digital economy.
