Nigerian President Tinubu Signs Executive Order for the Regulation of Virtual Assets
Key Points
- Nigerian President Bola Ahmed Tinubu has signed an executive order, effective immediately, to regulate the virtual asset sector.
- A new Virtual Assets Council, led by the Central Bank, will coordinate the oversight and policies of various institutions.
- The Central Bank of Nigeria is launching a regulatory sandbox to test virtual asset products in a closely monitored environment.
- The Council is tasked with developing a Compliance Implementation Framework within 30 days for the rapid implementation of the new Executive Order by participating institutions.
By the Numbers
Nigerian President Bola Ahmed Tinubu has signed the 2026 Presidential Executive Order on the Coordination of Virtual Assets in order to harmonize the regulation of virtual assets. The main purpose of the Executive Order is to strengthen cooperation among financial, revenue, and capital market institutions, protect citizens against fraud, and allow for responsible innovation while maintaining the integrity of the financial system. In accordance with the relevant article of the Constitution, the regulation has entered into force and its implementation has begun immediately.
The new regulation serves as a response to the fragmented regulatory environment that emerged after virtual assets, such as cryptocurrencies, blurred the traditional boundaries between money, commodities, and securities. The isolated working practices of institutions and the existence of legislative loopholes had previously set the stage for unregistered companies and fraudsters to victimize Nigerians. To close these risks, the Executive Order establishes a Virtual Assets Council led by the Central Bank of Nigeria (CBN); the deputy chairmanships of the council will be assumed by the Revenue Service (NRS) and the Securities and Exchange Commission (SEC).
Furthermore, a Virtual Assets Office will be established to ensure supervisory coordination without increasing bureaucratic burdens, and the Central Bank will initiate a "regulatory sandbox" process. This sandbox will enable blockchain-based solutions to be tested under supervision before reaching the masses. Additionally, the Revenue Service will publish a clear tax policy for the sector, and the Council will be given a 30-day period to implement the Executive Order.
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Frequently Asked Questions
- What is the main purpose of the signed executive order?
- The order was signed to harmonize the regulation of virtual assets, close institutional gaps, and secure the financial system by protecting citizens against fraud.
- What will the "regulatory sandbox" established by the Central Bank do?
- The sandbox is a control mechanism that will enable crypto and blockchain-based products to be tested and evaluated under strict supervision before reaching the mass market.
- Is a new regulatory agency being established with the new regulation?
- No, the executive order does not create a new regulator or strip existing institutions of their authority; instead, it coordinates collaboration between institutions like the SEC and CBN while preserving their existing mandates.
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