Tinubu signs executive order to regulate cryptocurrency, virtual assets

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File image of President Tinubu.

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President Bola Tinubu has signed a new 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 the lead in overseeing the sector.

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The Presidency announced on Friday that the Presidential Executive Order on Virtual Assets Coordination, 2026, takes immediate effect.

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In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the government said the directive is aimed at harmonising the regulation of virtual assets, strengthening collaboration among financial regulators, protecting Nigerians from fraud and encouraging responsible innovation.

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According to the statement, the executive order became necessary because the rapid evolution of virtual assets has blurred “the traditional boundaries between currencies, money, commodities and securities”, creating regulatory overlaps and gaps.

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The Presidency noted that weak coordination among regulatory agencies has left the country vulnerable to money laundering, terrorism financing, cybercrime, fraud and revenue leakages.

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“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” the statement said.

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To address these concerns, the executive order establishes a Virtual Asset Council chaired by the CBN, while the NRS and SEC will serve as vice-chairs.

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Other members of the council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).

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Onanuga said the council will provide policy direction, strengthen cooperation among participating agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for regulating virtual assets.

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The order also creates a Virtual Asset Office, which will be domiciled at the CBN to coordinate information sharing, applications and reporting among relevant agencies.

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The presidential spokesman stressed that the new framework does not create another regulator or diminish the statutory responsibilities of existing institutions.

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“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.

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Under the new framework, the SEC will continue to regulate virtual assets classified as securities, while the CBN will supervise payment, settlement, custody and other services involving non-security virtual assets. Where regulatory jurisdiction is unclear, the Virtual Asset Council will determine the appropriate supervising agency.

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The Presidency also disclosed that the CBN is moving ahead with plans to establish a regulatory sandbox for the virtual assets industry.

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According to Onanuga, the sandbox will enable qualified operators to test virtual asset products, blockchain-based services and other innovations under regulatory supervision before they are introduced to the wider market.

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“It will help ensure that innovations that reach Nigerians have been properly examined and supervised,” the spokesperson said.

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Further details of the sandbox are expected to be announced by the apex bank.

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The statement added that the Nigeria Revenue Service will also introduce a tax policy specifically for the virtual assets sector to clarify how existing tax laws apply and improve voluntary compliance.

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

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The newly established Virtual Asset Council has also been directed to develop a harmonised implementation framework within 30 days to facilitate the execution of the presidential order.

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