President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a unified framework to strengthen the regulation of virtual assets, combat financial crimes and promote responsible innovation in Nigeria.
The order, which takes immediate effect, seeks to improve coordination among key financial, revenue and capital market regulators without creating a new regulatory agency or altering the statutory powers of existing institutions.
According to the Presidency, the move addresses regulatory gaps that have exposed the country to risks such as money laundering, terrorism financing, cybercrime, fraud, data privacy breaches and revenue losses, while protecting Nigerians from fraudulent virtual asset operators.
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, coordinate regulatory oversight and work with the Attorney-General of the Federation to develop a harmonised legal framework for the sector.
It also creates a Virtual Asset Office, to be domiciled at the CBN, to coordinate information sharing, applications and reporting among participating agencies through an integrated supervisory platform.
Under the framework, the SEC will continue to regulate virtual assets classified as securities, while the CBN will oversee payment, settlement, custody and other non-security virtual asset services. The council will resolve cases involving overlapping regulatory responsibilities.
The CBN will also launch a regulatory sandbox to allow eligible operators to test blockchain-based products and virtual asset services under supervision before they enter the wider market. In addition, the Nigeria Revenue Service is expected to introduce a tax policy for the virtual assets sector.
