Close Menu
Wednesday, August 26
SUBSCRIBE

Featured Economy

President Bola Tinubu on Friday signed the Presidential Executive Order on Virtual Assets Coordination, 2026. The order, signed pursuant to Section 5 of the 1999 Constitution (as amended), establishes a new supervisory architecture to harmonise the regulation of virtual assets in Nigeria. A statement signed on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the order takes immediate effect. It said the order also closes the regulatory gaps that have allowed fraudulent operators to prey on unsuspecting Nigerians and positions the country to benefit from responsible innovation in the digital economy. “It responds to a regulatory environment that has become fragmented as virtual assets increasingly blur the traditional boundaries between currencies, money, commodities and securities. “With relevant agencies operating in silos, overlapping in some areas and leaving gaps in others, the country has been exposed to risks including 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,” the statement read. To address this, the Presidency said the order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and the Securities and Exchange Commission as vice-chairs, alongside the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser as members. The council will provide policy direction, promote synergy among the participating agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework aligned with Nigeria’s national security, economic and social objectives. The order also creates a Virtual Asset Office as the council’s operational body, with its secretariat domiciled at the CBN. The office will be responsible for the day-to-day coordination of information sharing, applications and reporting among the agencies, supported by an integrated supervisory technology platform that provides shared visibility while preserving each agency’s ownership and control of its data. According to the Presidency, the order does not create a new regulator or transfer powers between existing agencies. “Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it,” the statement said. On registration, the order said activities involving securities will be registered by the SEC, while payment, settlement, custody and related services involving non-security virtual assets will be registered by the CBN. It said the council will resolve any case in which responsibility cannot be readily determined, closing the gaps through which unregistered operators have previously escaped oversight. It added that the CBN is proceeding with a regulatory sandbox for virtual assets under the new framework. The sandbox, the Presidency said, will provide a controlled environment in which eligible operators can test virtual asset products, services and blockchain-based solutions under close supervision, enabling the participating agencies to assess the implications for monetary sovereignty, financial stability, market integrity, consumer protection, financial inclusion and revenue administration before any product reaches the wider market. It said the CBN would announce further details of the sandbox. Furthermore, it said the Nigeria Revenue Service will release a tax policy specifically for the virtual assets sector, providing greater certainty for taxpayers and service providers, strengthening voluntary compliance and ensuring that the sector contributes fairly to national revenue as it grows. The statement added, “The NRS will provide further details. The Federal Government is also finalising a comprehensive Virtual Assets White Paper, which will set out the country’s longer-term policy direction and implementation priorities and serve as a roadmap for stakeholders across the sector. “The Council has been directed to develop a Harmonised Implementation Framework within 30 days to guide the participating agencies in giving effect to the Order and to ensure its expedited implementation.” Nigeria’s virtual assets sector has grown rapidly in recent years, with the country consistently ranking among the world’s leaders in cryptocurrency adoption by transaction volume. The Central Bank had in 2021 directed banks to close accounts linked to cryptocurrency exchanges, a move that effectively pushed trading underground, before reversing course in 2023 and issuing a framework for the regulation of virtual asset service providers. The SEC has also been working to bring digital asset exchanges under its regulatory oversight, creating a parallel oversight framework.

By

President Bola Tinubu on Friday signed the Presidential Executive Order…

Economy News
Top Trending

News

Company

Services

CompleteNews 2025, Designed by Ahmsta Technologies