President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, marking a major step toward creating a more structured and secure cryptocurrency ecosystem in Nigeria. The order, which takes immediate effect, introduces a coordinated framework designed to harmonise the regulation of virtual assets and address long-standing gaps that have exposed Nigerians to financial fraud and other risks in the digital asset space.
According to a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the new framework comes at a time when virtual assets increasingly blur the lines between currencies, securities, commodities and payment systems. The Presidency noted that fragmented oversight among government agencies has created loopholes that fraudulent operators have exploited, resulting in significant losses for investors while raising concerns about money laundering, terrorism financing, cybersecurity threats and data privacy breaches.
At the heart of the new framework is the establishment of a Virtual Asset Council, which will be chaired by the Central Bank of Nigeria (CBN). The Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairs, while key institutions such as the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser will also participate. The council is expected to provide policy direction, improve collaboration among regulators and develop a harmonised legal framework that aligns with Nigeria’s economic and national security objectives.
The executive order also creates a Virtual Asset Office, which will operate as the council’s coordinating body and be headquartered at the CBN. While the framework strengthens cooperation among agencies, the government stressed that it does not create a new regulator or strip existing institutions of their powers. Instead, responsibilities will remain with the relevant agencies, with the SEC overseeing virtual assets classified as securities and the CBN regulating payment, settlement and custody services linked to non-security digital assets. Any disputes over regulatory responsibility will be resolved through the council.
Beyond regulation, the Federal Government is positioning the framework to encourage responsible innovation. The CBN is set to roll out a regulatory sandbox that will allow approved operators to test cryptocurrency products and blockchain-based solutions under close supervision before wider market adoption. In addition, the Nigeria Revenue Service plans to introduce a dedicated tax policy for the virtual assets sector, while the government is finalising a comprehensive Virtual Assets White Paper to guide the industry’s future development. With Nigeria already ranked among the world’s leading countries for cryptocurrency adoption, analysts believe the new measures could boost investor confidence, improve consumer protection and create a clearer path for sustainable growth in the country’s digital economy.
source: punch
