President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a new framework to coordinate the regulation of cryptocurrencies and other virtual assets across government agencies in a bid to curb fraud while promoting innovation in Nigeria’s digital economy.
The Executive Order, which takes immediate effect, establishes a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN) to harmonise oversight of cryptocurrencies, tokenised assets, stablecoins and other digital assets without creating a new regulatory agency.
The development was announced on Friday in a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
According to the Presidency, the new framework addresses the growing complexity of virtual assets, which increasingly blur the boundaries between currencies, securities, commodities and payment systems, creating overlaps and gaps in existing regulatory structures.
The statement said the fragmented approach among government agencies had exposed the country to risks such as money laundering, terrorism financing, cybercrime, fraud and revenue leakages.
It noted that “too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings.”
To strengthen oversight, the Executive Order establishes the Virtual Asset Council, with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairs. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The council will provide policy direction, promote inter-agency collaboration and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework that aligns with Nigeria’s national security, economic and social objectives.
The order also creates a Virtual Asset Office, domiciled at the CBN, to coordinate information sharing, applications and reporting among participating agencies through an integrated supervisory technology platform while allowing each institution to retain ownership of its data.
The Presidency stressed that the Executive Order neither creates a new regulator nor transfers statutory powers from existing institutions.
“Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it,” the statement said.
Under the new framework, the SEC will continue to register activities involving virtual assets classified as securities, while the CBN will oversee payment, settlement, custody and related services involving non-security virtual assets. The council will also resolve regulatory disputes where jurisdiction is unclear, closing loopholes previously exploited by unregistered operators.
As part of efforts to encourage responsible innovation, the CBN will launch a regulatory sandbox that will allow eligible operators to test virtual asset products, blockchain-based services and other digital innovations under close supervision before they are introduced into the wider market.
The Presidency said the sandbox would enable regulators to assess potential implications for monetary sovereignty, financial stability, consumer protection, financial inclusion, market integrity and revenue administration before granting broader market access.
The Executive Order also introduces a coordinated tax policy for virtual assets, strengthens anti-money laundering and counter-terrorism financing measures, and mandates the development of a National White Paper on virtual assets. The document is expected to guide long-term policy while supporting innovation and protecting consumers in Nigeria’s rapidly expanding digital asset ecosystem.
