Tinubu Signs Executive Order for Virtual Asset Coordination

On a Friday, President Bola Tinubu signed a presidential executive order aimed at coordinating virtual assets in Nigeria. The order seeks to harmonize regulations, strengthen cooperation among financial agencies, and protect citizens from fraud while ensuring the integrity of the financial system.

It establishes a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN) and includes members from the Nigerian Revenue Service, Securities and Exchange Commission, and the Nigerian Financial Intelligence Unit. The council will provide policy direction and promote synergy among participating agencies.

The executive order does not create new regulations but aims to close gaps in oversight of unregistered operations. It also introduces a regulatory sandbox for testing virtual asset products and services.

The Nigerian Revenue Service will release tax policies applicable to the virtual asset sector, ensuring compliance and contribution to national revenue. Further details will be announced by the CBN regarding the sandbox and the comprehensive virtual asset white paper.