Tinubu signs order to coordinate crypto regulation in Nigeria
President Bola Tinubu has signed a new executive order to regulate virtual assets in Nigeria. The order aims to close regulatory gaps that have allowed fraudulent operators to exploit Nigerians and to foster responsible innovation in the digital economy. It establishes a Virtual Asset Council chaired by the Central Bank of Nigeria, with other key agencies as members. The move is expected to provide clearer oversight and promote collaboration among regulators.
TLDR
- Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026.
- The order creates a Virtual Asset Council to harmonise regulation and close gaps exploited by fraudulent operators.
- The Council includes the Central Bank of Nigeria, Nigeria Revenue Service, Securities and Exchange Commission, Nigerian Financial Intelligence Unit, and the Office of the National Security Adviser.
- A new Virtual Asset Office will coordinate daily operations and information sharing among agencies.
- The order does not create a new regulator but coordinates existing agencies, with the Central Bank proceeding with a regulatory sandbox and the Revenue Service set to release a tax policy for the sector.
