Tinubu signs executive order to regulate Nigeria’s virtual assets and set up Virtual Asset Council

President Tinubu signs an Executive Order to regulate crypto and virtual assets in Nigeria, strengthening oversight and protecting investors from financial Read More: https://punchng.com/tinubu-signs-crypto-virtual-assets-regulation-order/

President Bola Tinubu has signed a new executive order establishing a coordinated regulatory framework for virtual assets in Nigeria, with the Central Bank of Nigeria (CBN), the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) taking the lead in overseeing the sector. The post Tinubu signs executive order to regulate cryptocurrency, virtual assets appeared first on Vanguard News.

Tinubu approved a new executive order to regulate virtual assets, establish a coordination council, launch a sandbox, and develop a sector tax policy.

President Tinubu signs executive order establishing a Virtual Asset Council to harmonise crypto regulation in Nigeria, closing gaps and protecting citizens Read More: https://punchng.com/tinubu-signs-executive-order-on-virtual-assets-establishes-council-to-harmonise-crypto-regulation/

President Bola Tinubu has signed an executive order establishing a coordinated regulatory framework for virtual assets, with the Central Bank of Nigeria (CBN), the Nigeria Revenue Service (NRS), and the Securities and Exchange Commission (SEC) leading oversight of the sector.   The presidency announced on Friday that the presidential executive order on virtual assets coordination, 2026, takes immediate effect.   In a statement on Friday, Bayo Onanuga, special adviser to the president on information and strategy, said the order seeks to harmonise the regulation of virtual assets, strengthen collaboration among financial regulators, protect Nigerians from fraud and support responsible innovation.   According to the statement, the order was necessitated by a fragmented regulatory environment in which virtual assets increasingly blur “the traditional boundaries between currencies, money, commodities and securities”.     The presidency said the lack of coordination among regulators had exposed Nigeria to money laundering, terrorism financing, cyber threats, fraud and revenue losses.   “Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” the statement reads.   To address the challenge, the order establishes a Virtual Asset Council chaired by the CBN, with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairs.     Other members are the Nigerian Financial Intelligence Unit (NFIU) and the office of the national security adviser (ONSA).   Onanuga said the council will provide policy direction, promote collaboration among participating agencies and work with the attorney-general of the federation to develop a harmonised legal and institutional framework for the sector.   The order also establishes a virtual asset office, domiciled at the CBN, to coordinate information sharing, applications and reporting among the agencies.   Onanuga stressed that the framework does not establish a new regulator or strip existing agencies of their statutory powers.     “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 their work rather than replacing it,” the statement added.   Under the framework, virtual assets classified as securities will continue to be regulated by the SEC, while payment, settlement, custody and related services involving non-security virtual assets will be supervised by the CBN, with the council determining the appropriate regulator where jurisdiction is unclear.   CBN TO LAUNCH VIRTUAL ASSETS SANDBOX, NRS TO ISSUE TAX POLICY   Onanuga also said the CBN is proceeding with plans to establish a regulatory sandbox for virtual assets.     He said the sandbox will allow eligible operators to test virtual asset products, services and blockchain-based solutions under close regulatory supervision before they are introduced into the wider market.   “It will help ensure that innovations that reach Nigerians have been properly examined and supervised,” the spokesperson said.   The CBN is expected to announce further details of the sandbox.   According to the statement, the NRS will release a tax policy for the virtual assets sector to clarify the application of Nigeria’s tax laws and improve voluntary compliance.   Onanuga also said the federal government is finalising a Virtual Assets White Paper that will outline the country’s long-term policy direction for the sector.   The spokesperson said the newly established council has been directed to develop a harmonised implementation framework within 30 days to facilitate the implementation of the executive order.

President Bola Ahmed Tinubu has signed an executive order on Virtual Assets Coordination, 2026.In a statement, Tinubu’s media office on Friday said the executive order would strengthen cooperation among the nation’s financial, revenue, and capital markets agencies and protect citizens from fraud in the digital ecosystem. Tinubu said the order, which takes effect immediately, is […] Tinubu signs executive order on virtual assets, establishes council with CBN as chairman