President Bola Tinubu has signed a new executive order aimed at creating a coordinated regulatory framework for Nigeria’s growing virtual asset sector and protecting citizens from fraud and financial crimes.
The Presidential Executive Order on Virtual Assets Coordination, 2026, takes immediate effect and is designed to improve cooperation among key financial, revenue and security agencies involved in monitoring digital assets.
The presidency said the move became necessary because virtual assets have continued to blur the traditional boundaries between currencies, commodities and securities, creating regulatory gaps that criminals have exploited.
According to the presidency, the fragmented system had exposed the country to risks including money laundering, terrorism financing, cyber threats, data privacy breaches, fraud and revenue losses.
The new order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and Securities and Exchange Commission (SEC) serving as vice-chairs.
Other members of the council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The council will provide policy direction, improve collaboration among agencies and work with the Attorney-General of the Federation to develop a unified legal and institutional framework for the sector.
A Virtual Asset Office will also be created as the operational arm of the council, with its secretariat located at the CBN.
The office will coordinate information sharing, applications and reporting among relevant institutions through an integrated supervisory technology platform.
The presidency clarified that the order does not create a new regulator or remove the powers of existing agencies. Instead, it will ensure that each institution continues to perform its statutory duties while working together more effectively.
Under the new arrangement, registration requirements will depend on the nature of the virtual asset activity. The SEC will oversee activities involving securities, while the CBN will handle payment, settlement, custody and related services involving non-security digital assets.
The framework will also provide a mechanism for resolving cases where regulatory responsibility is unclear.
Meanwhile, the CBN is developing a regulatory sandbox that will allow approved operators to test blockchain-based products and virtual asset services under supervision before they are introduced to the wider market.
The presidency said the sandbox will help authorities assess issues such as financial stability, consumer protection, market integrity, financial inclusion and national revenue implications.
The Nigeria Revenue Service is also expected to introduce a tax policy for the virtual asset industry to provide clarity for taxpayers and service providers while ensuring the sector contributes to government revenue.
The Federal Government is further preparing a comprehensive Virtual Assets White Paper that will outline Nigeria’s long-term direction and priorities for the digital asset space.
The newly established council has been given 30 days to produce a Harmonised Implementation Framework to guide the enforcement of the executive order.
