Tinubu signs Order to regulate virtual assets and set up a Council

President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026. This Order aims to bring together the regulation of virtual assets, improve cooperation among Nigeria’s financial, revenue, and capital markets agencies. It also aims to protect citizens from fraud and keep the financial system safe while allowing for responsible innovation.

The President signed this Order under Section 5 of the Constitution of the Federal Republic of Nigeria, 1999. It takes effect immediately.

This move comes as the rules around virtual assets have become confusing. Virtual assets are mixing up what we know as currencies, money, commodities, and securities.

With agencies working separately, there have been overlaps in some areas and gaps in others. This has put the country at risk for issues like money laundering, terrorism financing, cybersecurity threats, fraud, and losses in revenue. Many unregistered and fraudulent operators have taken advantage of these gaps, leaving families without their savings.

The Order aims to fill these gaps through better coordination. It will not add new rules or change the roles of existing agencies.

To make this happen, the Order sets up a Virtual Asset Council. The Central Bank of Nigeria (CBN) will chair this Council. The Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will be vice-chairs. The Council will also include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).

The Council will guide policy, encourage teamwork among agencies, and work with the Attorney-General of the Federation. Their goal is to create a legal and institutional framework that fits Nigeria’s national security, economic, and social goals.

The Order also creates a Virtual Asset Office, which will handle the Council’s daily operations. The secretariat will be at the CBN. This Office will manage information sharing, applications, and reporting among the agencies. It will use an integrated supervisory technology platform to give everyone a clear view while keeping each agency's control over its data.

Importantly, this Order does not create a new regulator or shift powers between agencies. Each agency will keep its full authority and independence. The framework will coordinate their work rather than replace it. To make things clear for operators and protect the public, registration will depend on the activity and type of asset involved. For example, securities will be registered by the SEC, while the CBN will register payment, settlement, custody, and related services involving non-security virtual assets. The Council will handle any cases where it is not clear who is responsible.

This will close the gaps that allowed unregistered operators to escape oversight.

As part of this coordinated plan, the Central Bank of Nigeria will set up a regulatory sandbox for virtual assets. This sandbox will allow eligible operators to test virtual asset products, services, and blockchain solutions in a safe environment. This will help the agencies assess the risks to monetary sovereignty, financial stability, market integrity, consumer protection, financial inclusion, and revenue collection before products are launched to the public. It will ensure that innovations available to Nigerians have been properly checked and supervised.

The CBN will provide more details about the sandbox soon.

In the same way, the Nigerian Revenue Service plans to release a tax policy for the virtual assets sector. This policy will explain how Nigeria’s tax laws apply to virtual assets. It aims to give more clarity for taxpayers and service providers and ensure the sector contributes fairly to national revenue as it grows. This policy will work together with the coordination framework by aligning revenue collection with the efforts of other agencies. The NRS will share more details.

The federal government is also working on a Virtual Assets White Paper. This document will outline Nigeria’s long-term policy direction and priorities for implementation. It will serve as a guide for stakeholders in the sector.

The Council has been instructed to create a Harmonised Implementation Framework within 30 days. This will help the agencies follow the Order and ensure quick implementation.