President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a new framework aimed at coordinating the regulation of cryptocurrencies and other digital assets in Nigeria.
The executive order, signed under Section 5 of the 1999 Constitution (as amended), creates a unified oversight structure intended to improve collaboration among government agencies responsible for supervising the virtual assets sector.
According to a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the directive takes immediate effect.
The Presidency said the move is designed to address regulatory overlaps and close gaps that have enabled fraudulent operators to exploit investors, while also supporting innovation within Nigeria’s growing digital economy.
The statement noted that the increasing convergence of virtual assets with traditional financial products has created challenges for existing regulatory institutions, exposing the country to risks including money laundering, terrorism financing, cybercrime, data breaches, financial fraud and revenue losses.
To strengthen oversight, the order establishes a 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-chairmen, while the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA) will also be represented.
The council will be responsible for providing policy direction, improving coordination among participating institutions and working with the Attorney-General of the Federation to develop a harmonized legal framework for the sector.
The executive order also creates a Virtual Asset Office, which will function as the council’s operational secretariat and will be based at the Central Bank of Nigeria.
According to the Presidency, the office will coordinate information sharing, reporting and applications among relevant agencies through an integrated supervisory technology platform while allowing each institution to retain control of its own data.
The government emphasized that the order does not establish a new regulatory agency or remove statutory powers from existing institutions.
Instead, each agency will continue to exercise its legal responsibilities while operating under a coordinated framework.
Under the new arrangement, virtual assets classified as securities will remain under the registration and supervision of the Securities and Exchange Commission, while payment, settlement, custody and related services involving non-security digital assets will be regulated by the Central Bank of Nigeria.
Where regulatory jurisdiction is unclear, the Virtual Asset Council will determine the appropriate supervisory authority.
The Presidency also disclosed that the CBN is moving ahead with plans for a regulatory sandbox that will allow approved operators to test blockchain-based products and virtual asset services under regulatory supervision before they are introduced to the wider market.
The sandbox is expected to enable regulators to assess potential implications for monetary policy, financial stability, investor protection, financial inclusion and government revenue.
Further details on the initiative are expected from the apex bank.
In addition, the Nigeria Revenue Service is expected to release a dedicated tax policy for virtual assets to provide greater certainty for investors, service providers and other stakeholders while improving tax compliance within the sector.
The Federal Government also said work is nearing completion on a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction and implementation strategy for the industry.
The newly established council has been directed to prepare a harmonized implementation framework within 30 days to facilitate the execution of the executive order.
Nigeria has emerged as one of the world’s leading cryptocurrency markets by transaction volume in recent years. The Central Bank prohibited banks from facilitating cryptocurrency transactions in 2021 before issuing new guidelines for virtual asset service providers in 2023. The Securities and Exchange Commission has also introduced measures aimed at bringing digital asset exchanges under its regulatory oversight.
