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By Lawrence Agbo
President Bola Tinubu has approved a new regulatory framework for Nigeria’s virtual assets industry with the signing of an executive order establishing a Virtual Asset Council to coordinate oversight of the country’s growing crypto sector.
The Presidency announced on Friday that the Presidential Executive Order on Virtual Assets Coordination, 2026 takes immediate effect. The initiative is designed to improve cooperation among regulators, strengthen investor protection, combat financial crimes and support innovation in the digital asset space.
According to a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the council will be chaired by the Central Bank of Nigeria (CBN), while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairpersons.
Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
Onanuga explained that the new framework was introduced to address regulatory gaps that have allowed fraudulent operators to exploit unsuspecting Nigerians and expose the country to money laundering, terrorism financing, cybercrime and revenue losses.
The council will provide policy direction, coordinate collaboration among relevant agencies and work with the Attorney-General of the Federation to develop a harmonised legal framework for the virtual assets sector.
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The executive order also establishes a Virtual Asset Office within the CBN to facilitate information sharing, licensing processes and reporting among participating agencies.
The Presidency clarified that the order does not create a new regulator or remove the statutory powers of existing institutions. Instead, each agency will retain its current responsibilities while operating under a coordinated framework.
Under the arrangement, the SEC will continue to regulate virtual assets classified as securities, while the CBN will supervise payment, settlement and custody services involving non-security digital assets. Where regulatory responsibilities overlap, the council will determine the appropriate supervising agency.
The CBN is also expected to launch a regulatory sandbox that will allow eligible firms to test blockchain-based products and virtual asset services under close regulatory supervision before they are introduced into the wider market.
In addition, the Nigeria Revenue Service will issue a tax policy for the sector, while the Federal Government is finalising a Virtual Assets White Paper to define Nigeria’s long-term strategy for digital assets.
The newly established council has been directed to develop a harmonised implementation framework within 30 days to ensure the effective execution of the executive order.
