Tinubu signs Executive Order on virtual assets, sets up regulatory council

By Adebola Isimijola, Lagos

President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a regulatory framework to harmonise oversight of Nigeria’s virtual assets sector, combat fraud and promote responsible innovation.

The Executive Order, which takes immediate effect, also establishes a Virtual Asset Council to coordinate the activities of key financial and regulatory agencies without creating a new regulator or altering the statutory powers of existing institutions.

The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, disclosed this in a statement issued on Friday, saying the President signed the Order pursuant to Section 5 of the 1999 Constitution (as amended).

According to the statement, the directive became necessary because the rapid growth of virtual assets has blurred the traditional boundaries between currencies, money, commodities and securities, resulting in overlapping responsibilities among regulators and exposing the country to risks such as money laundering, terrorism financing, cybercrime, fraud and revenue losses.

Under the new framework, the Central Bank of Nigeria (CBN) will chair the newly established Virtual Asset Council, while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairmen. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).

The Council will provide policy direction, strengthen 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, with its secretariat at the CBN, to coordinate information sharing, applications and reporting through an integrated supervisory technology platform.

Onanuga said the framework would not create another regulator or transfer the powers of existing agencies. Rather, securities-related virtual assets will continue to be regulated by the SEC, while the CBN will oversee payment, settlement, custody and other non-security virtual asset services.

He added that the CBN would introduce a regulatory sandbox to enable eligible operators test virtual asset products, blockchain-based solutions and related services under close supervision before they are released into the wider market.

The statement further disclosed that the Nigeria Revenue Service would issue a tax policy for the virtual assets sector to provide clarity for taxpayers and service providers and enhance compliance with tax laws.

It added that the Federal Government is finalising a comprehensive Virtual Assets White Paper to provide long-term policy direction for the sector.

The President also directed the Council to produce a Harmonised Implementation Framework within 30 days to ensure the effective implementation of the Executive Order.