President Bola Tinubu has signed an executive order establishing a new coordination framework for the regulation of virtual assets in Nigeria, aimed at closing regulatory gaps that have allowed fraudulent operators to prey on unsuspecting citizens.
The Presidential Executive Order on Virtual Assets Coordination, 2026, signed on Friday pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria, 1999, takes effect immediately.
The order responds to what the presidency described as a fragmented regulatory environment in which relevant agencies had been operating in silos, overlapping in some areas and leaving gaps in others, exposing the country to risks including money laundering, terrorism financing, cybersecurity threats, fraud and revenue losses.
To address this, 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) as vice-chairs, and comprising the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council will provide policy direction, promote coordination among participating agencies and work with the Attorney-General of the Federation (AGF) to develop a harmonised legal and institutional framework aligned with Nigeria's national security, economic and social objectives.
An operational body, the Virtual Asset Office, will be established under the Council with its secretariat domiciled at the CBN.
The Office will be responsible for day-to-day coordination of information sharing, applications and reporting among the agencies, supported by an integrated supervisory technology platform.
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According to the presidency, the order does not create a new regulator or transfer powers between existing agencies.
Each institution retains its full statutory mandate and independence, with the framework designed to coordinate rather than replace their work.
Registration of virtual asset activities will follow the nature of the activity and the asset involved, securities-related activities will be registered by the SEC, while payment, settlement, custody and related services involving non-security virtual assets will be registered by the CBN.
As part of the coordinated approach, the CBN is proceeding with a regulatory sandbox for virtual assets, which will provide a controlled environment for eligible operators to test products, services and blockchain-based solutions under close supervision before they reach the wider market.
The NRS will also release a dedicated tax policy for the virtual assets sector, providing greater certainty for taxpayers and service providers while strengthening voluntary compliance and ensuring the sector contributes to national revenue.
The Federal Government said it was finalising a comprehensive Virtual Assets White Paper to set out the country's longer-term policy direction and serve as a roadmap for stakeholders across the sector.
The Council has been directed to develop a Harmonised Implementation Framework within 30 days to guide participating agencies in giving effect to the order.
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