Tinubu Signs Executive Order on Virtual Assets
President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, with immediate effect from Friday. The order, issued under Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as altered), directs federal agencies to collaborate in regulating the country's virtual assets sector.
The Presidency announced the signing, noting that the order responds to a fragmented regulatory environment as virtual assets increasingly blur traditional boundaries between currencies, commodities, and securities. The objectives include protecting citizens from fraud, strengthening financial system integrity, and fostering responsible innovation.
Virtual Asset Council Established
At the core of the order is the creation of a Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN). The Securities and Exchange Commission (SEC) and the Nigerian Revenue Service (NRS) serve as vice-chairs, with the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA) as members.
The Council is tasked with setting policy direction, enhancing coordination among agencies, and working with the Attorney-General of the Federation to develop a unified legal and institutional framework aligned with national security, economic, and social objectives. The Presidency clarified that the order does not create a new regulatory body or shift powers; each agency retains its full statutory mandate.
Registration and Tax Policy
Virtual asset activities resembling securities will fall under SEC jurisdiction, while payment, settlement, custody, and related services involving non-security virtual assets will be registered through the CBN. The Council will arbitrate unclear jurisdictional cases.
Additionally, the Nigerian Revenue Service will publish a tax policy specifically for virtual assets, clarifying how existing tax laws apply, encouraging voluntary compliance, and ensuring the sector contributes to national revenue as it expands.
The full statement from the Presidency is available on X.
