Tinubu Signs Order for Unified Virtual Asset Regulation

On [exact date not provided], President Bola Tinubu signed an executive order aimed at unifying Nigeria's regulation of virtual assets, including cryptocurrencies and digital financial services. This initiative is part of a broader strategy to create a coordinated regulatory framework by 2026.

The executive order establishes a Virtual Asset Council, which will be chaired by the Central Bank of Nigeria (CBN) and will include representatives from various financial and regulatory agencies such as the Nigerian Financial Intelligence Unit (NFIU), the Federal Inland Revenue Service (FIRS), and the Securities and Exchange Commission (SEC). The council's goal is to improve regulatory coordination and support responsible innovation in the sector.

The order addresses longstanding challenges in Nigeria's digital asset ecosystem, including overlapping regulatory responsibilities and risks related to money laundering, terrorist financing, and cybersecurity threats. The executive order takes effect immediately.