President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, to harmonise sector regulation, strengthen inter-agency collaboration and protect Nigerians from fraud.
The order, signed pursuant to Section 5 of the 1999 Constitution (as amended), takes immediate effect, according to a statement issued by presidential spokesperson Bayo Onanuga on Friday in Abuja.
The presidency said the order responds to the growing overlap among virtual assets, currencies, commodities, and securities, which has exposed gaps in regulation and increased the risks of fraud, money laundering, terrorism financing, and revenue losses.
It said the new framework would improve coordination among regulators without creating a new regulator or diminishing the statutory powers of existing agencies.
The order establishes a virtual assets 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-chairmen.
Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The council will provide policy direction, strengthen regulatory cooperation and work with the Attorney-General of the Federation to develop a harmonised legal framework for the sector.
The order also creates a virtual assets office, domiciled at the CBN, to coordinate information sharing, applications and reporting through an integrated supervisory technology platform.
The presidency said registration of operators would depend on the nature of the asset or activity, with the SEC regulating virtual assets classified as securities.
The CBN would oversee payment, settlement, custody and related services involving non-security virtual assets.
It said the council would determine responsibility where regulatory jurisdiction was unclear, thereby closing loopholes previously exploited by unregistered operators.
As part of the framework, the CBN will establish a regulatory sandbox to enable eligible operators to test virtual asset products and blockchain solutions under close supervision before wider deployment.
The presidency said the initiative would help regulators assess implications for financial stability, consumer protection, monetary sovereignty, financial inclusion and revenue administration.
It added that the Nigerian Revenue Service would also issue a tax policy for the virtual assets sector to provide certainty for taxpayers, improve voluntary compliance and ensure fair revenue collection.
The federal government is equally finalising a comprehensive virtual assets white paper to outline Nigeria’s long-term policy direction and implementation priorities for the sector.
The presidency said the council had been directed to produce a harmonised implementation framework within 30 days to facilitate the speedy implementation of the executive order.
(NAN)
