President Bola Tinubu has signed an executive order establishing a coordinated regulatory framework for virtual assets, with the Central Bank of Nigeria (CBN), the Nigeria Revenue Service (NRS), and the Securities and Exchange Commission (SEC) leading oversight of the sector.
The presidency announced on Friday that the presidential
executive order on virtual assets coordination, 2026, takes immediate effect.
In a statement on Friday, Bayo Onanuga, special adviser to
the president on information and strategy, said the order seeks to harmonise
the regulation of virtual assets, strengthen collaboration among financial
regulators, protect Nigerians from fraud and support responsible innovation.
According to the statement, the order was necessitated by a
fragmented regulatory environment in which virtual assets increasingly blur
“the traditional boundaries between currencies, money, commodities and
securities”.
The presidency said the lack of coordination among
regulators had exposed Nigeria to money laundering, terrorism financing, cyber
threats, fraud and revenue losses.
“Too often, unregistered and fraudulent operators have
exploited these gaps to prey on unsuspecting Nigerians, costing families their
savings,” the statement reads.
To address the challenge, the order establishes a Virtual
Asset Council chaired by the CBN, with the Nigeria Revenue Service (NRS) and
the Securities and Exchange Commission (SEC) serving as vice-chairs.
Other members are the Nigerian Financial Intelligence Unit
(NFIU) and the office of the national security adviser (ONSA).
Onanuga said the council will provide policy direction,
promote collaboration among participating agencies and work with the
attorney-general of the federation to develop a harmonised legal and
institutional framework for the sector.
The order also establishes a virtual asset office, domiciled
at the CBN, to coordinate information sharing, applications and reporting among
the agencies.
Onanuga stressed that the framework does not establish a new
regulator or strip existing agencies of their statutory powers.
“Significantly, the Order does not create a new regulator or
transfer powers between agencies. Each institution retains its full statutory
mandate and independence, and the framework coordinates their work rather than
replacing it,” the statement added.
Under the framework, virtual assets classified as securities
will continue to be regulated by the SEC, while payment, settlement, custody
and related services involving non-security virtual assets will be supervised
by the CBN, with the council determining the appropriate regulator where
jurisdiction is unclear.
CBN TO LAUNCH VIRTUAL ASSETS SANDBOX, NRS TO ISSUE TAX
POLICY
Onanuga also said the CBN is proceeding with plans to
establish a regulatory sandbox for virtual assets.
He said the sandbox will allow eligible operators to test
virtual asset products, services and blockchain-based solutions under close
regulatory supervision before they are introduced into the wider market.
“It will help ensure that innovations that reach Nigerians
have been properly examined and supervised,” the spokesperson said.
The CBN is expected to announce further details of the
sandbox.
According to the statement, the NRS will release a tax
policy for the virtual assets sector to clarify the application of Nigeria’s
tax laws and improve voluntary compliance.
Onanuga also said the federal government is finalising a
Virtual Assets White Paper that will outline the country’s long-term policy
direction for the sector.
The spokesperson said the newly established council has been
directed to develop a harmonised implementation framework within 30 days to
facilitate the implementation of the executive order.
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