President Bola Tinubu has signed a new Executive Order establishing a coordinated regulatory framework for virtual assets, creating a CBN-led council to strengthen oversight of the digital economy, curb fraud and close regulatory gaps exploited by unregistered operators.
The Presidential Executive Order on Virtual Assets Coordination, 2026, which takes immediate effect, is designed to harmonise the regulation of virtual assets, improve cooperation among financial, revenue and capital market agencies, and protect the integrity of Nigeria’s financial system while supporting responsible innovation.
According to the Presidency, the Order responds to the growing overlap between virtual assets, currencies, commodities and securities, which has created fragmented regulation and exposed the country to money laundering, terrorism financing, cybersecurity and data privacy threats, fraud and revenue losses.
“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” it said.
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-chairmen.
Other members include the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser.
The Council will provide policy direction, promote collaboration among the agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for the sector.
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The Order also creates a Virtual Asset Office, which will serve as the Council’s operational arm.
The office, to be housed at the CBN, will coordinate information sharing, applications and reporting among participating agencies through an integrated supervisory technology platform.
The Presidency stressed that the Executive Order does not establish a new regulator or transfer powers from existing agencies.
“Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it,” It said.
Under the new framework, operators will be registered based on the nature of their activities.
The SEC will oversee activities classified as securities, while the CBN will regulate payment, settlement, custody and related services involving non-security virtual assets.
The Council will determine responsibility where jurisdiction is unclear.
The Federal Government said the arrangement would close regulatory loopholes previously exploited by unregistered operators.
As part of the implementation, the CBN will launch a regulatory sandbox to allow eligible firms to test virtual asset products, services and blockchain-based solutions under close regulatory supervision before they enter the wider market.
According to the Presidency, the sandbox will enable regulators to assess the implications of new products for monetary sovereignty, financial stability, market integrity, consumer protection, financial inclusion and revenue administration.
The CBN is expected to announce further details of the sandbox.
The NRS will also issue a tax policy for the virtual assets sector to clarify how existing tax laws apply to digital assets, strengthen voluntary compliance and ensure the sector contributes to government revenue.
In addition, the Federal Government said it is finalising a comprehensive Virtual Assets White Paper that will outline Nigeria’s long-term policy direction and implementation priorities for the sector.
President Tinubu has directed the newly established Council to produce a Harmonised Implementation Framework within 30 days to guide participating agencies in implementing the Executive Order.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X