President Bola Tinubu has signed a new Executive Order establishing a coordinated national framework for regulating virtual assets in Nigeria, creating a CBN-led oversight council to harmonise oversight across financial, capital market, revenue, intelligence and national security agencies.

The Presidential Executive Order on Virtual Assets Coordination, 2026, which took effect immediately upon signing, seeks to eliminate regulatory fragmentation in Nigeria’s fast-growing virtual assets ecosystem while strengthening consumer protection, safeguarding the financial system and supporting responsible innovation.

Announcing the development in a State House statement issued today, Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the Order was signed pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

According to the Presidency, the Executive Order responds to an increasingly complex regulatory environment where virtual assets “blur the traditional boundaries between currencies, money, commodities and securities.”

According to the Presidency, the Executive Order responds to an increasingly complex regulatory environment where virtual assets “blur the traditional boundaries between currencies, money, commodities and securities.”

The government says the absence of coordinated oversight has resulted in overlapping responsibilities among regulators, regulatory gaps and increased exposure to financial crimes.

“With relevant agencies operating in silos, overlapping in some areas and leaving gaps in others, the country has been exposed to risks, including money laundering, terrorism financing, cybersecurity and data privacy threats, fraud, and revenue losses,” ” the Presidency says.  

“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings.”

CBN to chair new Virtual Asset Council

A key provision of the Executive Order is the establishment of a Virtual Asset Council, which will serve as the country’s highest coordinating body for the sector.

The Council will be chaired by the Central Bank of Nigeria (CBN), while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairpersons.

Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).

According to the Presidency, the Council will provide policy direction, promote inter-agency collaboration and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for virtual assets that aligns with Nigeria’s national security, economic and social objectives.

“The Order is designed to close these gaps through supervisory coordination, without introducing new layers of regulation or displacing the mandates of existing agencies,” the Presidency says.

CBN to host new Virtual Asset Office

The Executive Order also establishes a Virtual Asset Office, which will function as the operational arm of the Council.

Its secretariat will be domiciled at the Central Bank of Nigeria (CBN).

The Office will coordinate information sharing, regulatory applications and reporting among participating agencies through an integrated supervisory technology platform designed to provide shared regulatory visibility while allowing each institution to retain ownership and control of its own data.

Importantly, the Presidency stressed that the Executive Order does not establish a new regulator or transfer statutory powers from existing agencies.

Instead, it creates a coordination mechanism that enables agencies to work more effectively within their existing legal mandates.

“Each institution,”  the statement said, “retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it.”

Registration to depend on nature of virtual asset activity

The new framework introduces an activity-based approach to registration and supervision of virtual asset operators.

Under the Executive Order, virtual asset activities that qualify as securities will continue to be regulated and registered by the Securities and Exchange Commission.

Meanwhile, payment, settlement, custody and related services involving non-security virtual assets will fall under the regulatory oversight of the Central Bank of Nigeria.

Where uncertainty exists regarding regulatory jurisdiction, the newly established Virtual Asset Council will determine which agency has responsibility.

According to the Presidency, this coordinated model is intended to close loopholes that previously enabled unregistered operators to avoid regulatory oversight.

As part of the new regulatory framework, the CBN will proceed with the establishment of a regulatory sandbox dedicated to virtual assets.

The sandbox will provide a controlled environment where eligible operators can develop, test and operate virtual asset products, blockchain solutions and related digital financial innovations under regulatory supervision before wider market deployment.

The initiative, according to the Presidency, will enable participating regulators to evaluate potential implications for monetary sovereignty, financial stability, consumer protection, financial inclusion, market integrity and revenue administration.

“It will help ensure that innovations that reach Nigerians have been properly examined and supervised,” the statement said.

The CBN is expected to announce additional operational details of the sandbox in due course.

Nigeria Revenue Service to issue virtual assets tax policy

The Executive Order also mandates the Nigeria Revenue Service to release a dedicated tax policy for Nigeria’s virtual assets sector.

The policy will clarify how existing tax laws apply to virtual assets, provide certainty for taxpayers and service providers, strengthen voluntary compliance and ensure the growing sector contributes appropriately to national revenue.

The government said the tax framework complements the broader coordination mechanism by aligning tax administration with the responsibilities of other participating agencies.

Further details will be announced by the Nigeria Revenue Service.

Virtual Assets White Paper underway

Beyond the Executive Order, the Federal Government says it is finalising a comprehensive Virtual Assets White Paper that will outline Nigeria’s long-term policy direction for the sector.

The White Paper will define implementation priorities and serve as a roadmap for stakeholders across Nigeria’s virtual assets ecosystem.

To fast-track implementation of the Executive Order, President Tinubu has directed the newly established Virtual Asset Council to produce a Harmonised Implementation Framework within 30 days.

The framework will guide participating agencies in implementing the Executive Order and ensuring coordinated regulation across Nigeria’s evolving virtual assets landscape.