By Ayomide Otitoju
President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, aimed at harmonising the regulation of virtual assets and strengthening oversight of the rapidly growing digital asset sector in Nigeria.
The Executive Order, signed pursuant to Section 5 of the 1999 Constitution (as amended), takes immediate effect and seeks to improve coordination among financial, revenue and capital market regulators while promoting responsible innovation, protecting investors and safeguarding the country’s financial system.
In a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency said the new framework addresses regulatory overlaps and gaps created by the increasing convergence of virtual assets with currencies, commodities, money and securities.
According to the statement, fragmented regulation has exposed the country to risks such as money laundering, terrorism financing, cybercrime, data privacy breaches, fraud and revenue losses.
The Presidency said the Order is designed to strengthen coordination among existing regulators without creating a new regulatory agency or altering the statutory powers of existing institutions.
To drive implementation, 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) serving as vice-chairpersons. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council will provide policy direction, promote inter-agency collaboration and work with the Attorney-General of the Federation to develop a harmonised legal framework for the sector.
The Executive Order also creates a Virtual Asset Office, which will serve as the Council’s operational arm. The office, to be domiciled at the CBN, will coordinate information sharing, applications and reporting among participating agencies through an integrated supervisory technology platform.
The Presidency clarified that regulatory responsibilities will remain with the appropriate agencies based on the nature of the virtual asset or activity involved.
Under the framework, virtual assets classified as securities will continue to be regulated by the SEC, while payment, settlement, custody and other non-security virtual asset services will fall under the CBN’s supervision. The Council will resolve any jurisdictional disputes between agencies.
As part of the reforms, the CBN will launch a regulatory sandbox to enable eligible operators to test virtual asset products, blockchain solutions and related services under regulatory supervision before they are introduced into the wider market.
The Presidency also announced that the Nigeria Revenue Service will introduce a tax policy for the virtual assets sector to provide clarity on taxation, improve voluntary compliance and ensure the industry contributes to national revenue.
In addition, the Federal Government is finalising a comprehensive Virtual Assets White Paper to provide long-term policy direction for the sector.
The newly established Council has been directed to develop a Harmonised Implementation Framework within 30 days to facilitate the effective implementation of the Executive Order.
