Tinubu signs executive order to coordinate virtual assets regulation, establishes council

President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, creating a new inter-agency framework to coordinate the regulation of virtual assets, tackle financial crimes and support the growth of Nigeria’s digital economy.

The directive, which takes immediate effect, also establishes a Virtual Asset Council to harmonise the activities of financial, revenue and capital market regulators without creating a new regulatory agency or altering the statutory powers of existing institutions.

The development was announced in a statement on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

According to the statement, the President signed the order pursuant to Section 5 of the 1999 Constitution (as amended), saying the framework was introduced to address regulatory gaps created by the rapid expansion of virtual assets across multiple sectors of the economy.

Onanuga said the increasing overlap between virtual assets, currencies, commodities and securities had exposed weaknesses in Nigeria’s fragmented regulatory system, allowing fraudulent operators to exploit unsuspecting Nigerians while creating risks related to money laundering, terrorism financing, cybercrime, data privacy and revenue losses.

He said, “President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, to harmonise the regulation of virtual assets, strengthen cooperation among the nation’s financial, revenue and capital markets agencies, protect citizens from fraud, and safeguard the integrity of the financial system while enabling responsible innovation.”

The presidential spokesman added that the order was designed to improve coordination among regulators rather than create additional layers of bureaucracy.

“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 statement said.

Under the new framework, the Virtual Asset Council will be chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and the Securities and Exchange Commission serving as vice-chairmen. Other members include the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser.

The council is expected to provide policy direction, improve collaboration among participating agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework that aligns virtual asset regulation with Nigeria’s economic, security and social priorities.

The executive order also establishes a Virtual Asset Office, which will serve as the council’s operational arm. The office, to be headquartered at the Central Bank of Nigeria, will coordinate information sharing, applications and reporting among relevant agencies through an integrated supervisory technology platform.

The Presidency stressed that the order does not establish a new regulator or transfer statutory responsibilities from one institution to another. Instead, each agency will continue to exercise its existing legal powers, while registration of operators will depend on the nature of the virtual asset or service involved.

According to the statement, virtual assets classified as securities will remain under the supervision of the Securities and Exchange Commission, while payment, settlement, custody and other non-security virtual asset services will fall under the Central Bank of Nigeria. The council will determine responsibility in cases where regulatory jurisdiction is unclear.

As part of the implementation strategy, the Central Bank of Nigeria will commence a regulatory sandbox that will allow eligible operators to test virtual asset products, blockchain applications and related services under close regulatory supervision before they are introduced into the wider market.

The Presidency said the initiative would enable regulators to assess potential implications for financial stability, monetary sovereignty, consumer protection, financial inclusion, market integrity and revenue administration before granting broader market access.

It also disclosed that the Nigeria Revenue Service would unveil a tax policy for the virtual assets sector to provide clarity on the application of Nigeria’s tax laws, encourage voluntary compliance and ensure the industry’s contribution to national revenue.

The statement further revealed that the Federal Government was finalising a comprehensive Virtual Assets White Paper to outline Nigeria’s long-term policy direction and implementation roadmap for the sector.

President Tinubu also directed the newly established council to produce a Harmonised Implementation Framework within 30 days to facilitate the effective execution of the executive order across participating agencies.