Tinubu Signs Executive Order for Virtual Asset Regulation

On [specific date not provided], President Bola Ahmed Tinubu signed an Executive Order aimed at regulating virtual assets in Nigeria, establishing a council to harmonize the regulation of the digital economy. The order, effective immediately, responds to the fragmented regulatory environment surrounding virtual assets, which increasingly blur the lines between currency, money, commodities, and securities.

The Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN) and vice-chaired by the Nigerian Revenue Service, will include representatives from various financial agencies. Its purpose is to provide policy direction, promote synergy among agencies, and develop a harmonized legal framework.

The council will also oversee a regulatory sandbox for testing virtual asset products and services. Additionally, the Nigerian Revenue Service will release tax policies applicable to the virtual asset sector, ensuring compliance and contributing to national revenue.

A comprehensive white paper on virtual assets will be finalized to outline long-term policy directions.