Adedokun Waliyu 
President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, aimed at harmonising the regulation of virtual assets in Nigeria, strengthening cooperation among financial regulators, protecting citizens from fraud, and promoting responsible innovation in the sector.
According to a statement issued by the Presidency, the Executive Order was signed pursuant to Section 5 of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and takes immediate effect.
The Order addresses the growing challenges posed by virtual assets, whose evolving nature increasingly blurs the distinctions between currencies, money, commodities, and securities. It seeks to eliminate regulatory overlaps and close existing gaps that have exposed the country to risks such as money laundering, terrorism financing, cyber threats, data privacy breaches, fraud, and revenue losses.
To improve coordination, the Executive Order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairpersons. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
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 that aligns the virtual assets sector with Nigeria’s national security, economic, and social objectives.
The Order also creates a Virtual Asset Office, which will serve as the operational arm of the Council. The office, with its secretariat located at the CBN, will coordinate information sharing, applications, and reporting among the participating agencies through an integrated supervisory technology platform.
The Presidency clarified that the Executive Order does not establish a new regulatory agency or transfer statutory powers from existing institutions. Instead, each agency will continue to exercise its legal responsibilities while working within a coordinated framework.
Under the new arrangement, registration of operators will depend on the nature of their activities. Virtual assets classified as securities will be regulated by the SEC, while payment, settlement, custody, and other non-security virtual asset services will fall under the oversight of the CBN. Any dispute over regulatory jurisdiction will be resolved by the Virtual Asset Council.
As part of the reforms, the Central Bank of Nigeria will introduce a regulatory sandbox that will allow eligible operators to test virtual asset products, services, and blockchain-based innovations in a controlled environment under regulatory supervision before they are released to the wider market.
The Nigerian Revenue Service is also expected to unveil a tax policy for virtual assets, providing clear guidance on the taxation of digital assets, encouraging voluntary compliance, and ensuring that the sector contributes fairly to national revenue.
In addition, the Federal Government is preparing a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction and implementation strategy for the sector.
The newly established Virtual Asset Council has been directed to develop a Harmonised Implementation Framework within 30 days to ensure the swift and effective implementation of the Executive Order.
