Tinubu signs executive order to coordinate regulation of cryptocurrencies, virtual assets

PRESIDENT Bola Tinubu has signed an executive order creating a coordinated regulatory framework for virtual assets and cryptocurrencies, with the Central Bank of Nigeria (CBN), the Nigeria Revenue Service (NRS), and the Securities and Exchange Commission (SEC) taking the lead in supervising the fast-growing sector.

The presidency announced on Friday that the Presidential Executive Order on Virtual Assets Coordination, 2026 takes immediate effect. It said the directive is aimed at improving cooperation among regulators, protecting investors, supporting innovation and closing regulatory gaps that have emerged as digital assets become more widespread.

In a statement issued by the president’s Special Adviser on Information and Strategy, the government said the move was prompted by a fragmented regulatory system in which virtual assets increasingly overlap with traditional currencies, payment systems, commodities and securities.

READ ALSO: Tinubu signs N68.32tn 2026 budget, extends 2025 implementation deadline

According to the statement, the absence of a unified approach has heightened Nigeria’s exposure to money laundering, terrorism financing, cybercrime, fraud and tax revenue losses. It added that fraudulent and unregistered operators have taken advantage of the regulatory gaps, causing many Nigerians to lose their savings.

To strengthen oversight, the executive order establishes a Virtual Asset Council, which will be chaired by the CBN. The NRS and the SEC will serve as vice-chairpersons, while the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA) will also be members.

The council will be responsible for providing policy direction, improving collaboration among participating agencies and working with the attorney-general of the federation to develop a harmonised legal and institutional framework for the virtual assets industry.

The order also creates a Virtual Asset Office within the CBN to coordinate information sharing, applications and reporting among the relevant government agencies.

The presidency stressed that the framework does not establish a new regulator or remove the statutory responsibilities of existing institutions. Instead, it is designed to improve coordination while allowing each agency to retain its legal powers and operational independence.

Under the new arrangement, virtual assets classified as securities will remain under the supervision of the SEC. Meanwhile, the CBN will continue regulating payment, settlement, custody and other services involving non-security virtual assets. Where regulatory responsibility is unclear, the Virtual Asset Council will determine the appropriate agency.

CBN to roll out regulatory sandbox

As part of the reforms, the CBN will launch a regulatory sandbox that will allow eligible firms to test virtual asset products, blockchain applications and related services under regulatory supervision before they are introduced into the broader market.

READ ALSO: Tinubu records highest odds on crypto prediction platform for 2027 poll

According to Onanuga, the initiative is intended to ensure that new technologies and financial products are properly assessed before reaching Nigerian consumers. The apex bank is expected to announce further details of the sandbox in due course.

The NRS will also issue a tax policy for the virtual assets industry to clarify how existing tax laws apply to digital assets and improve voluntary tax compliance among operators.

In addition, the Federal Government is finalising a Virtual Assets White Paper that will set out Nigeria’s long-term policy direction for the sector.

The newly constituted Virtual Asset Council has been directed to develop a harmonised implementation framework within 30 days to ensure the effective execution of the executive order.