President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a coordinated regulatory framework for virtual assets aimed at strengthening oversight, promoting innovation, protecting investors and safeguarding Nigeria’s financial system.
The Executive Order, which takes immediate effect, was signed pursuant to Section 5 of the 1999 Constitution (as amended), according to a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
The new framework seeks to harmonise the activities of key financial, revenue and capital market regulators in response to the rapid growth of virtual assets, which increasingly cut across traditional classifications of currencies, commodities, securities and payment systems.
The Presidency said the initiative addresses long-standing regulatory fragmentation that has allowed overlapping responsibilities among agencies while leaving loopholes exploited by fraudulent operators.
According to the statement, the gaps have exposed Nigeria to risks such as money laundering, terrorism financing, cybercrime, data privacy breaches, fraud and revenue losses, with many unsuspecting citizens falling victim to unregistered virtual asset operators.
To strengthen coordination, the Executive 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) serving as vice-chairmen. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council will provide strategic policy direction, promote inter-agency collaboration and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework that aligns the virtual asset ecosystem with Nigeria’s economic, financial and national security objectives.
The Order also creates a Virtual Asset Office, which will serve as the Council’s operational arm, with its secretariat domiciled at the Central Bank of Nigeria.
The office will coordinate information sharing, application processing and reporting among participating agencies through an integrated supervisory technology platform designed to improve oversight while allowing each institution to retain ownership and control of its data.
The Presidency clarified that the Executive Order does not establish a new regulator or transfer statutory powers from existing agencies. Instead, it creates a coordinated framework that allows each institution to continue exercising its legal mandate while eliminating regulatory gaps.
Under the framework, regulatory responsibilities will be determined by the nature of the virtual asset or service involved. Securities-related virtual assets will remain under the supervision of the SEC, while payment, settlement, custody and other non-security virtual asset services will be regulated by the CBN. The Virtual Asset Council will resolve any jurisdictional disputes where regulatory responsibility is unclear.
As part of the reforms, the Central Bank of Nigeria will introduce a regulatory sandbox to enable eligible firms to test virtual asset products, blockchain solutions and related financial innovations under close regulatory supervision before they are deployed to the wider market.
The sandbox is expected to help regulators assess the implications of emerging technologies on monetary policy, financial stability, consumer protection, financial inclusion, market integrity and revenue generation while ensuring that innovative products meet regulatory standards before public adoption.
The CBN is expected to announce detailed guidelines for the sandbox programme.
The Nigeria Revenue Service will also unveil a dedicated tax policy for the virtual asset sector to provide clarity on the application of Nigeria’s tax laws, improve voluntary compliance and ensure that the rapidly growing industry contributes fairly to government revenue.
According to the Presidency, the tax framework will complement the broader regulatory reforms by aligning revenue administration with the responsibilities of other participating agencies.
The Federal Government further disclosed that it is finalising a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction, implementation priorities and strategic roadmap for the digital asset industry.
To fast-track implementation, the newly established Virtual Asset Council has been directed to develop a Harmonised Implementation Framework within 30 days to guide participating agencies and ensure the effective execution of the Executive Order.
