Tinubu signs executive order on virtual assets, establishes council to harmonize regulation of digital economy – THISAGE

President Bola Ahmed Tinubu signed the Presidential Executive Order on Virtual Asset Coordination, 2026, to harmonize the regulation of virtual assets, strengthen cooperation among the nation’s financial, tax and capital markets agencies, protect citizens from fraud, and safeguard the integrity of the financial system while enabling responsible innovation.

The President signed the Order pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended). The Executive Order is effective immediately.

According to presidential spokesperson, Bayo Onanuga, the order responds to a regulatory environment that has become fragmented as virtual assets increasingly blur the traditional lines between currencies, money, commodities and securities.

“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, terrorist financing, cybersecurity and data privacy threats, fraud and revenue losses. Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” he said.

The Order, he said, is designed to fill these gaps through coordination of oversight, without introducing new layers of regulation or shifting the mandates of existing agencies.

To this end, the 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) as vice-chairmen, and comprising the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).

The Council will provide policy guidance, promote synergy between participating agencies and work with the Attorney General of the Federation to develop a harmonized legal and institutional framework that aligns the sector with Nigeria’s economic, social and national security objectives.

The Order also establishes a Virtual Asset Office, the operational body of the Council, with its secretariat domiciled at the CBN. The Office will be responsible for the day-to-day coordination of information sharing, applications and reporting across agencies, supported by an integrated oversight technology platform that provides shared visibility while preserving each agency’s ownership and control of its data.

“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 rather than replaces their work.

“To provide certainty to traders and protection to the public, registration will follow the nature of the business and asset involved: assets such as securities will be registered by the SEC, while payment, settlement, custody and related services involving non-security virtual assets will be registered by the CBN, with the Council resolving any cases where liability cannot be easily determined.

“This closes the gaps through which unregistered operators have previously escaped oversight.”

As part of the coordinated approach, the Central Bank of Nigeria is moving forward with a regulatory sandbox for virtual assets. The sandbox will provide a controlled environment where eligible operators can test and operate blockchain-based products, services and solutions under close supervision, allowing participating agencies to assess implications for monetary sovereignty, financial stability, market integrity, consumer protection, financial inclusion and revenue administration before products reach the broader market.

It will help ensure that innovations reaching Nigerians have been properly vetted and supervised.

The CBN will announce further details on the sandbox.

In the same spirit, the Nigerian Revenue Agency will release a tax policy for the virtual asset sector.

The policy operationalizes Nigeria’s tax laws as they apply to virtual assets, providing greater certainty to taxpayers and service providers, strengthening voluntary compliance and ensuring the sector contributes equitably to national revenues as it grows. It complements the coordination framework by aligning revenue administration with the work of other participating authorities. The NRS will provide further details.

The federal government is also finalizing a comprehensive White Paper on virtual assets, which will set out the country’s long-term policy direction and implementation priorities and serve as a roadmap for stakeholders across the sector.

The Council was tasked with developing a harmonized implementation framework within 30 days to guide participating agencies in implementing the Order and to ensure its rapid implementation.

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