Tinubu signs executive order to harmonise virtual assets regulation, establishes council

President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, aimed at harmonising the regulation of virtual assets, strengthening oversight and promoting responsible innovation in Nigeria’s digital economy.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this on Friday in a statement shared on his X platform, saying the order takes immediate effect.

According to the statement, the Executive Order was issued pursuant to Section 5 of the 1999 Constitution (as amended) and is designed to address gaps created by fragmented regulation as virtual assets continue to cut across traditional classifications of currencies, money, commodities and securities.

The Presidency said the absence of coordinated oversight among relevant agencies had exposed the country to risks including money laundering, terrorism financing, cybersecurity threats, fraud and revenue losses.

It added that the new framework would protect citizens from fraudulent operators while creating an environment that supports legitimate digital asset innovation.

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-chairs.

Other members of the council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).

The council is expected to provide policy direction, promote cooperation among participating agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for the sector.

The Executive Order also creates a Virtual Asset Office, which will serve as the operational arm of the council, with its secretariat domiciled at the CBN.

The office will coordinate information sharing, applications and reporting among participating agencies through an integrated supervisory technology platform while allowing each agency to retain control of its statutory responsibilities and data.

The Presidency clarified that the order does not establish a new regulator or transfer powers from existing institutions, but rather provides a coordination mechanism to improve regulatory efficiency.

Under the framework, virtual asset activities will be registered based on the nature of the service or asset involved. Activities relating to securities will fall under the SEC, while payment, settlement, custody and related services involving non-security virtual assets will be registered by the CBN.

The council will resolve cases where regulatory responsibility is unclear.

The statement further noted that the CBN is developing a regulatory sandbox for virtual assets, which will allow eligible operators to test blockchain-based products and services under supervision before they are introduced to the wider market.

The sandbox, according to the Presidency, will enable regulators to assess issues relating to monetary stability, consumer protection, financial inclusion, market integrity and revenue administration.

The Nigeria Revenue Service is also expected to release a tax policy for the virtual assets sector to provide clarity for taxpayers and service providers while ensuring that the sector contributes appropriately to national revenue.

The Federal Government is additionally finalising a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction and implementation priorities for stakeholders.

The Virtual Asset Council has been directed to produce a Harmonised Implementation Framework within 30 days to guide the implementation of the Executive Order.

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