President of Nigeria Signs Executive Order to Regulate the Virtual Asset Industry
2026-07-17 22:12
Odaily Planet Daily News Nigerian President Bola Tinubu has signed an executive order on virtual assets aimed at regulating the virtual asset industry and cracking down on unregistered operators. The measure has taken immediate effect and will establish a new supervisory framework to coordinate the fragmented regulatory environment.
The newly established Virtual Asset Committee will serve as the primary policy-making and coordination body, chaired by the Central Bank of Nigeria (CBN), with the Nigerian Tax Authority and the Nigerian Securities and Exchange Commission (NSEC) serving as vice chairs.
A Virtual Asset Office will be established within the CBN to handle daily inter-agency operations and information sharing. Securities-related financial activities will be managed by the NSEC, while payment, settlement, and custody services for non-securities virtual assets will be managed by the CBN.
The CBN plans to launch a regulatory sandbox, allowing qualified operators to test virtual asset products and blockchain solutions in a monitored environment. The Virtual Asset Committee is required to develop an implementation framework for the executive order within 30 days.
The newly established Virtual Asset Committee will serve as the primary policy-making and coordination body, chaired by the Central Bank of Nigeria (CBN), with the Nigerian Tax Authority and the Nigerian Securities and Exchange Commission (NSEC) serving as vice chairs.
A Virtual Asset Office will be established within the CBN to handle daily inter-agency operations and information sharing. Securities-related financial activities will be managed by the NSEC, while payment, settlement, and custody services for non-securities virtual assets will be managed by the CBN.
The CBN plans to launch a regulatory sandbox, allowing qualified operators to test virtual asset products and blockchain solutions in a monitored environment. The Virtual Asset Committee is required to develop an implementation framework for the executive order within 30 days.
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