Tinubu Signs Executive Order to Regulate Virtual Assets in Nigeria

President Tinubu Signs Executive Order on Virtual Assets

President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026. This Order aims to harmonise the regulation of virtual assets, strengthen cooperation among the nation's financial, revenue, and capital markets agencies, and protect citizens from fraud. It also safeguards the integrity of the financial system while enabling responsible innovation.

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The Order responds to a regulatory environment that has become fragmented as virtual assets increasingly blur the traditional boundaries between currencies, money, commodities, and securities. With relevant agencies operating in silos, overlapping in some areas, and leaving gaps in others, the country has been exposed to risks such as money laundering, terrorism financing, cybersecurity, data privacy threats, fraud, and revenue losses. Unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings.

The Order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) as vice-chairs. The Council will provide policy direction, promote synergy among the participating agencies, and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework that aligns the sector with Nigeria's national security, economic, and social objectives.

The Virtual Asset Council will comprise the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA). The Council's operational body, the Virtual Asset Office, will be responsible for the day-to-day coordination of information sharing, applications, and reporting among the agencies. This will be supported by an integrated supervisory technology platform that provides shared visibility while preserving each agency's ownership and control of its data.

The Order does not create a new regulator or transfer powers between agencies. Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it. To provide certainty for operators and protection for the public, registration will follow the nature of the activity and the asset involved. Activities like securities will be registered by the SEC, while payment, settlement, custody, and related services involving non-security virtual assets will be registered by the CBN.

The Central Bank of Nigeria is proceeding with a regulatory sandbox for virtual assets. This will provide a controlled environment in which eligible operators can test and operate virtual asset products, services, and blockchain-based solutions under close supervision. The sandbox will help ensure that innovations that reach Nigerians have been properly examined and supervised.

The Nigerian Revenue Service will release a tax policy for the virtual assets sector. This policy operationalises Nigeria's tax laws as they apply to virtual assets, providing greater certainty for taxpayers and service providers. It complements the coordination framework by aligning revenue administration with the work of the other participating authorities.

The federal government is finalising a comprehensive Virtual Assets White Paper, which will set out the country's longer-term policy direction and implementation priorities. The White Paper will serve as a roadmap for stakeholders across the sector.

The Virtual Asset Council has been directed to develop a Harmonised Implementation Framework within 30 days to guide the participating agencies in giving effect to the Order and to ensure its expedited implementation.

Key Facts

• The Presidential Executive Order on Virtual Assets Coordination, 2026, was signed by President Bola Tinubu on July 17, 2026. • The Order establishes a Virtual Asset Council to provide policy direction and coordinate the work of various agencies. • The Council will comprise the Central Bank of Nigeria (CBN), the Nigeria Revenue Service (NRS), the Securities and Exchange Commission (SEC), the Nigerian Financial Intelligence Unit (NFIU), and the Office of the National Security Adviser (ONSA). • The Order does not create a new regulator or transfer powers between agencies. • Registration will follow the nature of the activity and the asset involved. • The Central Bank of Nigeria is proceeding with a regulatory sandbox for virtual assets. • The Nigerian Revenue Service will release a tax policy for the virtual assets sector. • The federal government is finalising a comprehensive Virtual Assets White Paper. • The Virtual Asset Council has been directed to develop a Harmonised Implementation Framework within 30 days.