President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a unified framework to strengthen the regulation of cryptocurrencies, stablecoins, tokenised assets, blockchain-based financial products and other virtual assets in Nigeria.
The Executive Order comes as the country's digital asset industry continues to grow, increasing the need for closer coordination among regulators. Instead of creating a new regulator, the framework aligns the activities of existing agencies to improve oversight, close regulatory gaps and provide greater clarity for businesses and investors.
Central to the new framework is the establishment of the Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN). The Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairpersons, while the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA) will also be represented. The council will coordinate policy, strengthen collaboration among agencies and work with the Attorney General of the Federation to develop a harmonised legal framework for the sector.
A Virtual Asset Office, domiciled at the CBN, will serve as the council's operational arm and will coordinate information sharing, regulatory applications and reporting through a shared supervisory technology platform to improve efficiency across participating institutions.
The Presidency stressed that the Executive Order does not create a new regulator or alter the statutory powers of existing agencies. Digital assets classified as securities will remain under the SEC, while payment, settlement, custody and other non-security virtual asset services will continue to be supervised by the CBN.
The framework also introduces a CBN regulatory sandbox, allowing eligible firms to test virtual asset products, blockchain solutions and related services under regulatory supervision before they enter the wider market. The initiative will enable regulators to assess the impact of emerging technologies on financial stability, consumer protection, market integrity, financial inclusion, monetary policy and government revenue.
To strengthen compliance, the Nigeria Revenue Service will issue a tax policy clarifying how existing tax laws apply to virtual asset businesses and transactions. The Federal Government also revealed that it is finalising a comprehensive Virtual Assets White Paper to outline Nigeria's long-term policy direction for the industry.
According to the Presidency, the coordinated framework is designed to tackle regulatory weaknesses that have exposed the country to financial fraud, money laundering, terrorism financing, cybercrime, data privacy risks and revenue losses, while creating a safer environment for legitimate operators.
The Executive Order builds on recent efforts by the SEC to strengthen oversight of the digital asset market, including the admission of seven additional companies into its Accelerated Regulatory Incubation Programme earlier this month.
By bringing key institutions under a single coordinating framework, the government aims to support innovation, enhance investor confidence, strengthen consumer protection and position Nigeria as a leading hub for responsible digital asset development in Africa.
No comments:
Post a Comment