President Tinubu Signs Executive Order on Virtual Assets
President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, to harmonize the regulation of virtual assets in Nigeria. The Order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) as vice-chairs. The Council aims to strengthen cooperation among financial, revenue, and capital markets agencies, protect citizens from fraud, and safeguard the integrity of the financial system while enabling responsible innovation.
Establishment of the Virtual Asset Council
The Virtual Asset Council comprises the CBN, NRS, SEC, Nigerian Financial Intelligence Unit (NFIU), and the Office of the National Security Adviser (ONSA). The Council is tasked with providing policy direction, promoting synergy among participating agencies, and developing a harmonized legal and institutional framework that aligns the virtual assets sector with Nigeria's national security, economic, and social objectives.
Implementation Framework and Regulatory Sandbox
The Order mandates the Council to develop a Harmonized Implementation Framework within 30 days to guide the participating agencies in executing the Order. Additionally, the CBN will proceed with a regulatory sandbox for virtual assets, providing a controlled environment for eligible operators to test and operate virtual asset products and services under close supervision. This initiative aims to assess implications for monetary sovereignty, financial stability, market integrity, consumer protection, financial inclusion, and revenue administration before products reach the wider market.
Tax Policy for Virtual Assets
The Nigeria Revenue Service will release a tax policy for the virtual assets sector, operationalizing Nigeria's tax laws as they apply to virtual assets. This policy aims to provide greater certainty for taxpayers and service providers, strengthen voluntary compliance, and ensure that the sector contributes fairly to national revenue as it grows.
The Federal Government is also finalizing a comprehensive Virtual Assets White Paper, which will set out the country's longer-term policy direction and implementation priorities, serving as a roadmap for stakeholders across the sector.
For more details, visit the official announcement: President Tinubu Signs Executive Order on Virtual Assets
