President Bola Tinubu has approved a new Executive Order introducing a unified regulatory framework for virtual assets and cryptocurrencies in Nigeria, as part of efforts to improve oversight of the country’s fast-growing digital asset industry.
The directive, which took effect immediately after it was signed, is designed to strengthen coordination among government agencies responsible for supervising virtual asset activities, while enhancing investor protection and tackling financial crimes.
According to a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the order was signed under the powers granted to the President by the 1999 Constitution.
The government said the initiative addresses the lack of coordination that has existed among financial, capital market and tax authorities as digital asset transactions continue to expand across different sectors of the economy.
Officials believe the new framework will help eliminate regulatory gaps that have been exploited by fraudulent operators, while encouraging responsible innovation in blockchain technology and other digital financial services.
The Presidency noted that inadequate oversight had exposed the country to risks such as money laundering, terrorism financing, cybercrime, fraud, data privacy violations and loss of government revenue.
To oversee implementation, the Executive Order establishes a Virtual Asset Council, which will be chaired by the Central Bank of Nigeria. The Nigeria Revenue Service and the Securities and Exchange Commission will serve as vice-chairmen, while the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser will also be represented.
The council will coordinate policy implementation, resolve regulatory issues among participating agencies and work with the Office of the Attorney General of the Federation to develop a harmonised legal framework for the sector.
The order also creates a Virtual Asset Office within the Central Bank of Nigeria. The office will function as the council’s secretariat, facilitating information sharing, processing regulatory applications and supporting supervision through a unified technology platform.
The Presidency clarified that the new arrangement does not replace existing regulators or transfer their statutory responsibilities. Instead, agencies will continue to regulate virtual assets based on their legal mandates.
Under the framework, the Securities and Exchange Commission will continue to oversee virtual assets classified as securities, while the Central Bank will supervise payment systems, settlement services, custody arrangements and other non-security virtual asset activities. The council will determine jurisdiction where responsibilities overlap.
As part of the reforms, the Central Bank is expected to launch a regulatory sandbox that will allow qualified firms to test blockchain solutions and virtual asset products under official supervision before they are introduced into the wider market.
The Federal Government also announced plans for the Nigeria Revenue Service to issue tax guidelines for virtual asset transactions, aimed at improving compliance and ensuring the sector contributes to national revenue.
In addition, the government said work is ongoing on a comprehensive Virtual Assets White Paper that will outline Nigeria’s long-term strategy for regulating the digital asset ecosystem.
The newly established council has been directed to produce a harmonised implementation framework within 30 days to guide participating agencies in carrying out the provisions of the Executive Order.
