Tinubu signs executive order regulating virtual assets and cryptocurrency

President Bola Tinubu has signed an executive order establishing a coordinated regulatory framework for virtual assets in Nigeria, with the Central Bank of Nigeria (CBN), the Nigeria Revenue Service (NRS), and the Securities and Exchange Commission (SEC) taking leading roles in overseeing the sector.

The Presidency announced on Friday, July 17, that the Presidential Executive Order on Virtual Assets Coordination, 2026, takes immediate effect. In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the government said the directive is designed to harmonise regulation of virtual assets, strengthen collaboration among financial regulators, protect consumers from fraud, and encourage responsible innovation.

According to the statement, the executive order was introduced in response to a fragmented regulatory environment where virtual assets increasingly blur “the traditional boundaries between currencies, money, commodities and securities.”

The Presidency said regulatory gaps had exposed the country to money laundering, terrorism financing, cybercrime, fraud and revenue losses. “Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” the statement said. To improve coordination, the order establishes a Virtual Asset Council chaired by the CBN, with the Nigeria Revenue Service and the Securities and Exchange Commission serving as vice-chairs.

Other members of the council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA). According to Onanuga, the council will provide policy direction, enhance cooperation among participating agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for the sector.

The order also creates a Virtual Asset Office within the CBN to coordinate information sharing, applications and reporting among relevant agencies. The Presidency emphasised that the new framework does not establish a new regulatory agency or remove the statutory powers of existing institutions.

“Significantly, the Order does not create a new regulator or transfer powers between agencies. Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it,” the statement added.

Under the framework, virtual assets classified as securities will continue to fall under the SEC’s regulatory authority, while the CBN will supervise payment, settlement, custody and other services involving non-security virtual assets. The council will determine the appropriate regulator in cases where jurisdiction is unclear. The Presidency also announced that the CBN is moving ahead with plans to establish a regulatory sandbox for virtual assets.

According to Onanuga, the sandbox will enable eligible operators to test virtual asset products, services and blockchain-based solutions under regulatory supervision before they are introduced into the wider market. “It will help ensure that innovations that reach Nigerians have been properly examined and supervised,” he said.

The CBN is expected to provide further details of the initiative. In addition, the Nigeria Revenue Service will issue a tax policy for the virtual assets sector to clarify the application of existing tax laws and improve voluntary compliance.

The federal government is also finalising a Virtual Assets White Paper that will outline Nigeria’s long-term policy direction for the industry. The newly established Virtual Asset Council has been directed to produce a harmonised implementation framework within 30 days to facilitate the rollout of the executive order.