New framework seeks to strengthen oversight of digital assets, improve inter-agency coordination, and combat financial crimes linked to virtual asset transactions.
President Bola Ahmed Tinubu has signed the Virtual Assets Coordination Executive Order, 2026, introducing a new framework aimed at improving coordination among government agencies responsible for regulating virtual assets and digital financial activities in Nigeria.
According to a statement from the Presidency, the executive order took immediate effect upon signing and is designed to address gaps in regulatory oversight that have allowed fraudulent operators to exploit inconsistencies among government agencies.
The government said the measure will enhance efforts to combat money laundering, terrorism financing, cyber-related threats, and other illicit activities associated with virtual assets, while also strengthening consumer protection in the digital financial sector.
As part of the new framework, the order establishes a Virtual Assets Coordination Council, which will be chaired by the Central Bank of Nigeria (CBN). The Nigerian Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairing agencies, while the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA) will participate as members.
The executive order also creates a Virtual Assets Coordination Office under the CBN to oversee day-to-day operations and facilitate cooperation among relevant regulatory bodies.
Presidential officials clarified that the order does not create a new regulatory agency or remove the statutory powers of existing institutions. Instead, it is intended to improve collaboration among regulators, streamline registration processes for virtual asset service providers, and close regulatory gaps that could be exploited by unlicensed operators.
In a move aimed at supporting innovation, the CBN is expected to launch a Regulatory Sandbox, allowing financial technology companies to test blockchain-based products and services under regulatory supervision before commercial deployment.
The Nigerian Revenue Service is also expected to issue guidelines on the taxation of virtual assets, while the newly established council has been directed to develop an implementation framework within 30 days to ensure the swift execution of the executive order.
The latest initiative reflects the Federal Government's efforts to balance innovation in the digital economy with stronger regulatory oversight, as the use of virtual assets and blockchain technologies continues to expand across Nigeria.
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