Tinubu Signs Executive Order to Harmonise Nigeria’s Crypto Regulation

President Bola Tinubu has signed an Executive Order establishing a coordinated regulatory framework for cryptocurrencies and other virtual assets.

The Order is bringing the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Nigeria Revenue Service (NRS) and other key agencies under a unified oversight structure.

The Presidential Executive Order on Virtual Assets Coordination, 2026, which takes immediate effect, is designed to eliminate regulatory overlaps, strengthen investor protection and improve supervision of one of Nigeria’s fastest-growing segments of the digital economy.

The Presidency said the move responds to the rapid evolution of virtual assets, whose activities increasingly cut across payments, investments, commodities and securities, creating regulatory gaps that have been exploited by fraudulent operators.

According to a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the new framework seeks to improve coordination among regulators without creating a new regulator or stripping existing institutions of their statutory powers.

CBN to Chair New Virtual Asset Council

At the centre of the new framework is a Virtual Asset Council, chaired by the CBN, with the Nigeria Revenue Service and the Securities and Exchange Commission serving as vice-chairmen.

Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).

The Council will coordinate policy, resolve regulatory overlaps, develop common standards and work with the Attorney-General of the Federation to establish a harmonised legal framework for the sector.

A Virtual Asset Office, headquartered at the CBN, will serve as the Council’s operational arm, coordinating information sharing, applications and regulatory reporting through a shared supervisory technology platform.

No New Regulator

The Presidency stressed that the Executive Order does not establish another regulatory agency.

Instead, each institution will continue exercising its existing statutory responsibilities while working within a coordinated framework.

Under the arrangement, virtual asset businesses offering securities-related products will continue to be regulated by the SEC, while payment, settlement, custody and other non-security virtual asset services will remain under the oversight of the CBN.

Where uncertainty exists over regulatory jurisdiction, the new Council will determine the appropriate supervising authority.

Regulatory Sandbox for Crypto Innovation

As part of the initiative, the CBN will launch a regulatory sandbox allowing eligible firms to test blockchain and virtual asset products under regulatory supervision before wider commercial deployment.

The sandbox is expected to help regulators assess the implications of emerging technologies for financial stability, consumer protection, monetary policy, financial inclusion and cybersecurity before products are introduced into the broader market.

The apex bank is expected to release further operational guidelines.

Tax Framework Coming

The Federal Government also announced that the Nigeria Revenue Service will issue a dedicated tax policy for virtual assets.

The policy is expected to clarify how existing tax laws apply to cryptocurrency transactions and virtual asset service providers, improve voluntary compliance and ensure the expanding digital asset ecosystem contributes to government revenue.

White Paper in the Works

In addition, the Federal Government is finalising a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction for the sector and provide a roadmap for investors, technology companies and regulators.

The newly established Council has been directed to produce a harmonised implementation framework within 30 days to guide participating agencies and accelerate the rollout of the Executive Order.

Why It Matters

Nigeria remains one of the world’s largest cryptocurrency markets by adoption despite years of regulatory uncertainty.

While the SEC has introduced rules for digital asset securities and the CBN has recently reopened access for Bureau de Change operators to the official foreign exchange market, oversight of virtual assets has remained fragmented across multiple agencies.

The new Executive Order seeks to bridge those gaps by improving coordination, reducing regulatory uncertainty, strengthening enforcement against illicit operators and creating a more predictable environment for legitimate digital asset businesses and investors