Nigeria adopts unified virtual asset regulatory framework

President Bola Tinubu has signed a new executive order establishing a unified framework for regulating virtual assets in Nigeria, a move aimed at curbing fraud and closing regulatory gaps while fostering innovation in the digital economy. The Presidential Executive Order on Virtual Assets Coordination, which took effect immediately upon its signing on July 17, 2026, creates a multi-agency council to harmonize oversight of cryptocurrencies, stablecoins, and other digital assets without establishing a new regulator.

The order responds to what officials describe as a fragmented regulatory environment, where virtual assets blur traditional lines between currencies, securities, and commodities. This fragmentation has left gaps that have exposed the country to risks including money laundering, terrorism financing, cybersecurity threats, and fraud, with unregistered operators allegedly exploiting these gaps to defraud citizens.

The newly formed Virtual Asset Council will be chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service and the Securities and Exchange Commission serving as vice chairs. Other members include the Nigerian Financial Intelligence Unit and...