President Bola Ahmed Tinubu has signed a landmark Executive Order establishing a coordinated regulatory framework for virtual assets in Nigeria, creating a new inter-agency council to strengthen oversight of the digital economy, combat financial crimes and protect investors from fraud.
The Presidential Executive Order on Virtual Assets Coordination, 2026, which took effect immediately after it was signed on Friday, July 17, 2026, seeks to harmonise the regulation of virtual assets by improving collaboration among key financial, revenue and security agencies without creating a new regulator.
The announcement was contained in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
According to the Presidency, the Order was signed pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) in response to the rapid evolution of virtual assets, which increasingly blur the boundaries between currencies, securities, commodities and other financial instruments.
The statement noted that fragmented regulation had exposed the country to risks including money laundering, terrorism financing, cybercrime, data privacy breaches, fraud and revenue losses.
“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” the statement said.
To address these challenges, President Tinubu approved the establishment of a Virtual Asset Council, which 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-chairmen.
Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
According to the Presidency, the council will provide policy direction, strengthen cooperation among participating agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for Nigeria’s virtual assets sector.
The Executive Order also establishes a Virtual Asset Office, which will serve as the operational arm of the council. The office, to be domiciled at the Central Bank of Nigeria, will coordinate information sharing, regulatory applications and reporting through an integrated supervisory technology platform while allowing each participating agency to retain control of its own data.
The Presidency stressed that the Executive Order does not create another regulator or strip existing institutions of their statutory powers.
“Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it,” the statement explained.
Under the new framework, operators dealing in virtual assets will be regulated based on the nature of their activities. Securities-related virtual asset services will be supervised by the SEC, while payment, settlement, custody and related services involving non-security virtual assets will fall under the CBN’s oversight. The council will resolve any disputes where regulatory responsibility is unclear.
The Presidency said the arrangement is designed to close loopholes previously exploited by unregistered operators to evade regulatory oversight.
As part of the reforms, the Central Bank of Nigeria will launch a regulatory sandbox that will allow eligible operators to test blockchain-based products and virtual asset services under close supervision before they are introduced into the wider market.
According to the statement, the initiative will enable regulators to evaluate the implications of emerging technologies on monetary policy, financial stability, market integrity, consumer protection, financial inclusion and revenue administration.
“The CBN will announce further details of the sandbox,” the statement added.
Similarly, the Nigeria Revenue Service has been directed to introduce a tax policy specifically for the virtual assets sector to provide greater certainty for taxpayers, improve voluntary compliance and ensure the industry contributes fairly to government revenue.
The Federal Government also disclosed that it is finalising a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction and implementation roadmap for the sector.
To ensure swift implementation, President Tinubu directed the newly established Virtual Asset Council to produce a Harmonised Implementation Framework within 30 days to guide participating agencies in enforcing the Executive Order.
The Presidency said the coordinated framework is expected to strengthen investor confidence, improve regulatory efficiency and position Nigeria for responsible innovation in the rapidly expanding digital economy.
