President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a unified framework aimed at strengthening the regulation of cryptocurrencies, virtual assets and other emerging digital financial technologies in Nigeria.

The Executive Order, which takes immediate effect, seeks to improve coordination among key government agencies, strengthen oversight of the virtual assets sector and protect Nigerians from fraud while promoting responsible innovation in the country’s growing digital economy.

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 Government Creates Virtual Asset Council

According to a statement issued by the Presidency, the Executive Order establishes a Virtual Asset Council to harmonise the activities of regulators involved in overseeing cryptocurrencies and other virtual assets.

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 policy direction, improve collaboration among regulatory agencies and work with the Attorney-General of the Federation to develop a harmonised legal framework that aligns the virtual assets sector with Nigeria’s economic and national security objectives.

New Framework Targets Regulatory Gaps

The Presidency explained that the Executive Order responds to the increasing overlap between virtual assets and traditional financial instruments such as currencies, securities and commodities.

It noted that fragmented regulation had created loopholes exploited by fraudulent operators, exposing Nigerians to risks including money laundering, terrorism financing, cybercrime, data privacy breaches and financial fraud.

Rather than creating a new regulator, the Order coordinates existing agencies while allowing each institution to retain its statutory powers.

Under the framework, virtual asset activities classified as securities will continue to be regulated by the SEC, while payment, custody, settlement and related services involving non-security digital assets will fall under the CBN’s supervision.

 Regulatory Sandbox and Tax Policy Planned

The Executive Order also paves the way for the launch of a CBN regulatory sandbox, where qualified operators will be allowed to test blockchain solutions and virtual asset products under close regulatory supervision before wider market deployment.

The Presidency said the initiative would help regulators assess the impact of digital financial innovations on monetary policy, financial stability, consumer protection, financial inclusion and market integrity.

In addition, the Nigeria Revenue Service is expected to release a dedicated tax policy for the virtual assets sector to provide clarity for taxpayers, improve compliance and ensure the industry contributes fairly to government revenue.

Implementation Begins Immediately

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

To accelerate 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.

The Tinubu administration said the initiative forms part of its broader strategy to position Nigeria as one of Africa’s leading digital economies while ensuring that innovation develops within a secure and well-regulated environment.