President Bola Tinubu has signed an executive order establishing a coordinated regulatory framework for virtual assets and cryptocurrency in Nigeria, in a move aimed at strengthening oversight of the fast-growing digital assets sector and protecting investors.
Gatekeepers News reports that the Presidency said the order, which takes immediate effect, seeks to harmonise regulation, curb fraud and support responsible innovation.
Under the new framework, the Central Bank of Nigeria (CBN) will chair a newly created Virtual Asset 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 coordinate policy, promote collaboration among regulators and work towards a harmonised legal framework for the sector.
The Presidency said the executive order was introduced to address gaps created by fragmented regulation, which have exposed the country to money laundering, terrorism financing, cybercrime, fraud and revenue losses. It added that the framework does not create a new regulator or remove the statutory powers of existing agencies, but instead enhances coordination among them.
As part of the initiative, the CBN will establish a regulatory sandbox to allow eligible operators to test virtual asset products and blockchain-based services under regulatory supervision before they are introduced into the wider market. The Nigeria Revenue Service is also expected to issue a tax policy for the sector, while the Federal Government is finalising a Virtual Assets White Paper to outline Nigeria’s long-term strategy. The newly inaugurated council has been directed to produce a harmonised implementation framework within 30 days.
