Tinubu Signs Executive Order to Regulate Crypto, Launches Virtual Asset Council to Fight Fraud and Boost Nigeria’s Digital Economy

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President Bola Ahmed Tinubu has signed the Executive Order on Virtual Assets Coordination, 2026, introducing a new framework aimed at regulating Nigeria’s rapidly expanding virtual asset industry, protecting investors, combating financial crimes, and strengthening the country’s digital economy.

The Executive Order, signed pursuant to Section 5 of the 1999 Constitution (as amended), takes immediate effect and establishes a high-level Virtual Asset Council to coordinate the activities of key regulatory agencies without creating a new regulator.

According to a statement from the State House, the initiative is designed to address long-standing regulatory gaps created by the rapid growth of cryptocurrencies, blockchain technology, and other virtual assets, which often cut across the jurisdictions of multiple government agencies.

The government said the fragmented regulatory environment has exposed Nigeria to fraud, money laundering, terrorism financing, cybersecurity risks, and significant revenue losses, with many unregistered operators allegedly defrauding unsuspecting Nigerians of their investments.

Under the Executive Order, the Central Bank of Nigeria (CBN) will chair the newly established Virtual Asset Council, while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairpersons. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA), alongside other relevant government institutions.

To ensure effective coordination, a Virtual Asset Office will be established within the CBN to serve as the Council’s operational secretariat. The office will oversee daily coordination, facilitate information sharing among regulators, and manage a shared technology platform for supervision and compliance.

The Federal Government emphasized that the Executive Order does not create a new regulatory agency. Instead, existing institutions will continue to exercise their statutory responsibilities. Regulation will remain activity-based, with the SEC overseeing securities-related virtual assets, while the CBN will regulate payment systems, custody services, and settlement activities involving non-security digital assets. Any overlap in responsibilities will be resolved through the Council.

As part of efforts to encourage innovation while maintaining financial stability, the CBN will also establish a Regulatory Sandbox, allowing fintech companies, blockchain developers, and virtual asset service providers to test new products and services in a controlled environment before they are introduced into the wider market.

The government also announced plans to introduce greater tax clarity for the sector. The Nigeria Revenue Service is expected to publish a comprehensive tax policy for virtual assets, aimed at improving voluntary compliance while ensuring the fast-growing industry contributes fairly to national revenue.

In addition, authorities disclosed that work is nearing completion on a comprehensive Virtual Assets White Paper, which will define Nigeria’s long-term strategy for regulating digital assets and supporting responsible innovation.

The newly inaugurated Virtual Asset Council has been given 30 days to prepare a Harmonised Implementation Framework to accelerate the execution of the Executive Order across relevant government agencies.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, described the initiative as a balanced policy that protects Nigerians and the country’s financial system while encouraging investment and innovation in the digital economy.

Industry analysts believe the coordinated regulatory framework could significantly improve investor confidence, strengthen consumer protection, reduce financial crime, and position Nigeria as one of Africa’s leading destinations for cryptocurrency, blockchain technology, and digital finance.

The announcement comes at a time when Nigeria remains one of the world’s largest adopters of cryptocurrencies, with millions of citizens using virtual assets for payments, remittances, savings, and investments despite regulatory uncertainties in recent years.

With clearer rules, coordinated oversight, and a stronger focus on innovation, stakeholders say the new Executive Order could mark a turning point for Nigeria’s digital asset ecosystem if implemented effectively.