- Nigeria has introduced a unified framework to coordinate crypto regulation without replacing existing regulators.
- A new Virtual Asset Council will oversee policy coordination and help resolve disputes between regulators.
- The order also introduces a blockchain sandbox and tax framework as Nigeria tightens crypto oversight.
Nigerian President Bola Ahmed Tinubu has signed the Executive Order on Virtual Assets Coordination, 2026, establishing a single framework for regulating the country’s virtual asset industry. The measure takes effect immediately and aims to strengthen oversight of the sector while improving cooperation among financial regulators.
The Presidential Executive Order, announced by Special Adviser on Information and Strategy Bayo Onanuga, was issued under Section 5 of Nigeria’s Constitution. It does not replace existing regulators. Instead, it keeps each agency’s legal authority while creating a coordinated approach to overseeing the industry.
The order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria. The Nigeria Revenue Service and the Securities and Exchange Commission (SEC) will serve as vice-chairpersons, alongside the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser. The council will coordinate digital asset policy and work with the Attorney-General on a unified legal framework.
The order also creates a Virtual Asset Office within the central bank to support the council’s day-to-day operations. The office will handle applications, reporting, and information sharing through a shared supervisory technology platform, while each participating agency will remain responsible for its own data and regulatory functions.
The framework separates supervision according to the nature of the virtual assets transaction. The SEC will supervise virtual assets classified as securities, while the Central Bank of Nigeria will supervise the non-securities-related transactions like payments, settlements, custody, and others. The Virtual Asset Council will arbitrate jurisdiction conflicts among the regulators.
The executive order also requires the central bank to establish a regulatory sandbox for blockchain products and virtual asset services. The program will allow approved projects to operate under regulatory oversight while authorities assess their impact on financial stability, consumer protection, monetary sovereignty, financial inclusion and market integrity before wider adoption.
The government said fragmented oversight had left Nigeria’s virtual asset sector vulnerable to money laundering, terrorism financing, cybercrime, fraud, privacy breaches and tax revenue losses. It said some unregistered operators had taken advantage of regulatory gaps to defraud investors.
The executive order also directs the Nigeria Revenue Service to develop a tax framework for virtual assets while officials finalize a national white paper for the industry. The Virtual Asset Council has 30 days to submit a harmonized implementation framework.
Nigeria is one of the world’s fastest-growing cryptocurrency markets, making digital asset regulation a growing priority for policymakers. Last month, the International Monetary Fund warned that wider use of USDT and USDC in the country could accelerate “digital dollarization,” potentially complicating monetary policy.
