Tinubu signs executive order to create coordinated virtual assets regulatory framework in Nigeria
President Bola Tinubu has signed an executive order establishing a coordinated regulatory framework for virtual assets in Nigeria, placing key financial institutions at the centre of efforts to oversee the rapidly evolving sector.
The Presidential Executive Order on Virtual Assets Coordination, 2026, took immediate effect following its announcement by the Presidency on Friday, 17 July.
In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the government said the directive aims to harmonise virtual asset regulation, improve cooperation among financial regulators, protect consumers from fraudulent activities and promote responsible innovation.
The Presidency said the move was necessary due to growing challenges created by a fragmented regulatory environment, with virtual assets increasingly cutting across traditional categories such as currencies, money, commodities and securities.
It warned that regulatory gaps had exposed the country to risks including money laundering, terrorism financing, cybercrime, fraud and loss of government revenue.
“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” the statement said.
Under the new framework, a Virtual Asset Council will be established to coordinate policy and regulatory efforts. 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-chairs.
Other members of the council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
According to Onanuga, the council will provide policy direction, strengthen cooperation among government agencies and work with the Attorney-General of the Federation to develop a unified legal and institutional framework for the sector.
The executive order also establishes a Virtual Asset Office within the CBN to facilitate information sharing, applications and reporting among relevant agencies.
The Presidency stressed that the order does not create a new regulator or remove the existing legal powers of any institution.
“Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it,” the statement added.
Under the arrangement, virtual assets classified as securities will remain under the regulatory authority of the SEC, while the CBN will oversee payment, settlement, custody and other services involving non-security virtual assets.
Where regulatory responsibility is unclear, the Virtual Asset Council will determine the appropriate authority.
The government also announced that the CBN is working towards establishing a regulatory sandbox that will allow approved operators to test virtual asset products, services and blockchain-based solutions under supervision before launching them to the wider market.
Onanuga said the initiative would help ensure that virtual asset innovations available to Nigerians are properly assessed and monitored.
The CBN is expected to release further details on the sandbox, while the Nigeria Revenue Service will develop a tax policy for the sector to clarify existing tax obligations and encourage compliance.
The federal government is also finalising a Virtual Assets White Paper, which will set out Nigeria’s long-term policy direction for the industry.
The newly created Virtual Asset Council has been given 30 days to develop a harmonised implementation framework to support the rollout of the executive order.
