President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a unified framework aimed at strengthening the regulation of virtual assets, enhancing inter-agency collaboration and promoting responsible innovation in Nigeria’s digital economy.

The Executive Order, signed pursuant to Section 5 of the 1999 Constitution (as amended), takes immediate effect and forms part of the Federal Government’s strategy to position Nigeria as a leading digital economy while safeguarding the country’s financial system.

According to a statement issued on Friday by the President’s spokesperson, Bayo Onanuga, the directive addresses the fragmented regulatory environment that has emerged as virtual assets increasingly overlap with traditional financial instruments such as currencies, securities and commodities.

Court Delivers Ruling On Suit Seeking To Recognise Turaki-led PDP

To improve regulatory coordination, the Executive Order establishes a Virtual Asset Council, which will serve as the central policy body overseeing collaboration among key government agencies.

The Central Bank of Nigeria (CBN) will chair the council, while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve 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 strategic policy direction, promote cooperation among regulators and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for virtual assets.

According to the Presidency, the framework is designed to strengthen national security, support economic development and ensure effective oversight of the sector.

The Executive Order also establishes a Virtual Asset Office, which will function as the council’s operational arm.

The office, to be headquartered at the Central Bank of Nigeria, will coordinate information sharing, applications and reporting among participating agencies through an integrated supervisory technology platform.

Government officials explained that the platform will enhance regulatory visibility while allowing each agency to retain control over its own data and statutory responsibilities.

The Presidency stressed that the Executive Order does not create a new regulatory authority or transfer existing powers between institutions.

Instead, agencies will continue to exercise their legal mandates while operating under a coordinated framework.

Under the new framework, registration requirements will depend on the nature of the virtual asset or service involved.

Activities classified as securities will remain under the supervision of the Securities and Exchange Commission, while payment, settlement, custody and related services involving non-security virtual assets will be regulated by the Central Bank of Nigeria.

Where regulatory responsibility is unclear, the Virtual Asset Council will determine the appropriate agency.

The government said the arrangement is intended to eliminate regulatory gaps previously exploited by unregistered operators.

As part of the implementation strategy, the Central Bank of Nigeria will introduce a regulatory sandbox that will allow qualified operators to test virtual asset products, blockchain services and digital financial innovations under close regulatory supervision.

The initiative is expected to help regulators evaluate the impact of emerging technologies on financial stability, consumer protection, monetary policy, market integrity and financial inclusion before wider market deployment.

In addition, the Nigeria Revenue Service is expected to unveil a dedicated tax policy for the virtual assets sector to provide clarity on tax obligations and improve compliance.

The Federal Government also announced that work is nearing completion on a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction and implementation priorities for the sector.

To ensure swift implementation, the newly established Virtual Asset Council has been directed to produce a harmonised implementation framework within 30 days, providing operational guidelines for all participating agencies.