Tinubu Signs Order to Regulate Virtual Assets in Nigeria

On Friday, President Bola Tinubu signed an executive order to regulate virtual assets in Nigeria, establishing a new supervisory architecture aimed at harmonizing regulations within the sector. The order, effective immediately, was signed pursuant to Section 5 of the 1999 Constitution (as amended).

It seeks to close regulatory gaps that have allowed fraudulent operations to exploit unsuspecting Nigerians. The Virtual Asset Council will be chaired by the Central Bank of Nigeria (CBN) and will include members from the Nigerian Revenue Service, Securities and Exchange Commission, and the Nigerian Financial Intelligence Unit.

The council is tasked with developing a harmonized legal framework and ensuring compliance among participating agencies. The CBN will also implement a regulatory sandbox for virtual asset products and services.

Additionally, the Nigerian Revenue Service will release tax policies specific to the virtual asset sector. A comprehensive white paper will be finalized to guide the long-term policy direction for Nigeria's virtual asset sector.