President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a unified framework to regulate virtual assets in Nigeria, combat fraud and strengthen cooperation among financial and regulatory agencies.
The Executive Order, which takes immediate effect, was signed pursuant to Section 5 of the 1999 Constitution and seeks to address growing concerns over fragmented oversight of virtual assets, including cryptocurrencies and blockchain-based financial products.
According to the Federal Government, the increasing convergence of virtual assets with traditional currencies, securities and commodities has created regulatory gaps that have exposed Nigeria to risks such as money laundering, terrorism financing, cyber threats, data breaches, fraud and revenue losses.
The government said the new framework is intended to close these gaps without creating an additional regulator or undermining the statutory powers of existing agencies.
A key feature of the Order is the establishment of 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-chairpersons. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council will provide policy direction, promote inter-agency collaboration 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, which will serve as the operational arm of the Council and will be domiciled at the CBN. The office will coordinate information sharing, applications and reporting among participating agencies through an integrated supervisory technology platform.
The Presidency emphasised that the framework does not transfer powers between institutions, with each agency retaining its existing statutory responsibilities.
Under the new arrangement, the registration of virtual asset operators will depend on the nature of their activities. Assets classified as securities will fall under the oversight of the SEC, while payment, settlement, custody and other non-security virtual asset services will be regulated by the CBN. The Council will intervene in cases where jurisdiction is unclear.
As part of the initiative, the CBN is set to launch a regulatory sandbox that will allow eligible operators to test virtual asset products and blockchain-based solutions under close supervision before they are introduced to the wider market.
The Nigerian Revenue Service is also expected to unveil a tax policy for the virtual asset sector to provide clarity for taxpayers and ensure the industry contributes to national revenue generation.
The Federal Government further disclosed that it is finalising a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction and implementation priorities for the sector.
The newly established Council has been directed to develop a Harmonised Implementation Framework within 30 days to facilitate the swift implementation of the Executive Order.
