Nigeria Unveils Coordinated Virtual Asset Framework as President Tinubu Signs Executive Order
Nigeria has introduced a new Executive Order to streamline virtual asset regulation through a coordinated framework led by existing agencies.
Key Takeaways:
Table Of Content
- President Bola Ahmed Tinubu signed an Executive Order creating a Virtual Asset Council to coordinate digital asset regulation.
- Existing regulators retain their powers, while the government plans a CBN regulatory sandbox nd a national blockchain White Paper to support responsible innovation.
- The framework aims to reduce regulatory fragmentation, crack down on unregistered operators, and strengthen Nigeria’s position as a leading African blockchain hub.
Nigeria has moved to strengthen oversight of its digital asset industry after President Bola Ahmed Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026.
The Executive Order, which takes immediate effect, aims to harmonize the regulation of virtual assets, improve cooperation among government agencies, combat fraud, and support responsible innovation without creating a new regulator.
According to the Presidency, the Order responds to “a regulatory environment that has become fragmented as virtual assets increasingly blur the traditional boundaries between currencies, money, commodities, and securities.”
New Virtual Asset Council Established
A key feature of the Executive Order is the creation of the Virtual Asset Council, which will coordinate regulation across multiple agencies.
The Council will be chaired by the Central Bank of Nigeria (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).
According to the Presidency, the Council will provide policy direction, strengthen collaboration among regulators, and work toward a harmonized legal framework that supports Nigeria’s economic, financial, and national security objectives.
The Order also establishes a Virtual Asset Office, headquartered at the CBN, to coordinate information sharing, registration processes, and regulatory reporting through a shared supervisory technology platform.
No New Regulator Created
The Presidency emphasized that the Executive Order does not establish a new regulator or remove powers from existing agencies.
Instead, oversight will depend on the nature of the asset or activity. Digital assets classified as securities will remain under the SEC, while payment, settlement, custody, and related services involving non-security virtual assets will continue to be supervised by the CBN.
The Virtual Asset Council will resolve any jurisdictional disputes between agencies.
To reassure industry participants, the statement noted that “each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it.”
Officials said this approach is intended to close regulatory gaps that have previously allowed unregistered operators to evade oversight while providing greater certainty for legitimate businesses.
Sandbox, Tax Policy, and White Paper Coming
The Executive Order also confirms that the CBN will launch a virtual asset regulatory sandbox, allowing eligible firms to test blockchain products and services under regulatory supervision before public rollout.
According to the Presidency, the sandbox will help regulators assess the impact of new technologies while ensuring that “innovations that reach Nigerians have been properly examined and supervised.”
Meanwhile, the Nigeria Revenue Service is preparing a dedicated tax policy that will clarify how existing tax laws apply to virtual assets, providing greater certainty for businesses and taxpayers.
The Federal Government also revealed that it is finalizing a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term strategy for blockchain technology and digital assets.
In addition, the newly established Virtual Asset Council has been directed to produce a Harmonised Implementation Framework within 30 days.
What This Means for the Nigerian Digital Asset Industry
The Executive Order represents one of Nigeria’s clearest attempts to create a more coordinated regulatory environment for digital assets.
Rather than introducing additional bureaucracy, the government is focusing on improving cooperation among existing regulators, which could reduce uncertainty for exchanges, fintech companies, blockchain startups, and investors.
The framework also signals a tougher stance against unregistered operators while providing a clearer path for compliant businesses.
Combined with the planned regulatory sandbox, tax policy, and Virtual Assets White Paper, the initiative could encourage greater institutional participation and innovation in Nigeria’s digital asset sector.
If effectively implemented, the coordinated approach may strengthen investor confidence and further position Nigeria as one of Africa’s leading markets for blockchain and cryptocurrency development, while ensuring innovation is balanced with consumer protection, financial stability, and regulatory clarity.
