Tinubu Signs Executive Order for Virtual Asset Regulation

On Friday, President Bola Tinubu signed an executive order to establish a regulatory framework for virtual assets in Nigeria, effective immediately. This order, issued pursuant to Section 5 of the 1999 Constitution, aims to strengthen oversight of the growing digital asset ecosystem, protect investors, and curb financial crime.

The framework addresses regulatory fragmentation and is expected to improve coordination among regulatory agencies, closing existing loopholes that fraudsters exploit. The Virtual Asset Council will be chaired by the Central Bank of Nigeria, with the Nigerian Revenue Service and the Securities and Exchange Commission as vice-chairmen.

Other members include the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser. The council will provide policy direction and coordinate regulatory activities among participating agencies.

The executive order does not create new regulations but transfers existing statutory powers to the council. Additionally, the Central Bank of Nigeria will introduce a regulatory sandbox for testing virtual asset products.