President Bola Tinubu has signed an executive order establishing a unified regulatory framework for virtual assets and cryptocurrency regulation in Nigeria.
The presidency announced on Friday that the Virtual Asset Coordination Executive Order, 2026, takes effect immediately.
Bayo Onanuga, special adviser to the president on information and strategy, said in a statement on Friday that the order aims to unify virtual asset laws, boost cooperation among financial regulators, protect Nigerians from fraud, and encourage responsible innovation.
The presidency noted that poor cooperation among regulators has left Nigeria vulnerable to money laundering, terrorism financing, cyber threats, fraud, and lost revenue.
The statement reads in part, “Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings.”
To address the issue, the order creates a Virtual Asset Council led by the CBN, with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairs.
Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
Furthermore, the presidential aide stated that the council will provide policy guidance, encourage cooperation among the participating agencies, and work with the Attorney-General of the Federation to build a unified legal and institutional framework for the sector.
CBN TO LAUNCH VIRTUAL ASSETS SANDBOX, NRS TO ISSUE TAX POLICY
Onanuga also stated that the CBN is moving forward with plans to develop a regulatory sandbox for virtual assets.
He noted that the sandbox will allow qualified operators to test virtual asset products, services, and blockchain-based solutions under close regulatory oversight before they are released into the general market.
The CBN is expected to release more details regarding the sandbox.
According to the statement, the NRS will introduce a tax policy for the virtual asset industry to clarify how Nigerian tax laws apply and to boost voluntary compliance.
Onanuga also noted that the federal government is finalizing a Virtual Assets White Paper, which will set the country’s long-term policy direction for the sector.
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