Nigeria has introduced a new framework for the oversight of virtual assets as President Bola Tinubu signs an executive order aimed at coordinating the regulation of the fast-growing digital asset sector.
The Presidential Executive Order on Virtual Assets Coordination, 2026, establishes a new supervisory structure designed to address regulatory gaps, curb fraudulent activities and promote responsible innovation in the digital economy.
According to a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the order takes immediate effect and creates a Virtual Asset Council to provide policy direction and strengthen collaboration among relevant government agencies.
The council will be chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and the Securities and Exchange Commission as vice-chairs, alongside the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser as members.
The order also establishes a Virtual Asset Office, domiciled at the CBN, to coordinate information sharing, applications and reporting among participating agencies through an integrated supervisory technology platform.
Under the framework, the SEC will oversee virtual assets classified as securities, while the CBN will regulate payment, settlement, custody and related services involving non-security virtual assets.
The Presidency said the order does not create a new regulator or transfer existing powers but will ensure better coordination among agencies while addressing risks including fraud, money laundering, terrorism financing, cybersecurity threats and revenue losses.
The Federal Government also announced plans for a regulatory sandbox to allow eligible operators test virtual asset products under supervision, while the Nigeria Revenue Service prepares a dedicated tax policy for the sector.
The Presidency said a comprehensive Virtual Assets White Paper is also being developed to provide long-term policy direction for Nigeria’s digital asset ecosystem.
