Tinubu Signs Executive Order to Regulate Crypto and Virtual Assets

Tinubu Signs Executive Order to Regulate Crypto and Virtual Assets

Monday, 20 July 2026
By Atlantic Digest Tech Desk

President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a comprehensive regulatory framework aimed at strengthening oversight of Nigeria’s rapidly expanding cryptocurrency and digital asset market.

The executive order, which takes immediate effect, establishes a Virtual Asset Council to coordinate policy, regulation and enforcement across the sector. Under the new arrangement, the Central Bank of Nigeria (CBN) will chair the council, while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairpersons. A newly created Virtual Asset Office, domiciled at the CBN, will function as the operational secretariat responsible for implementing the council’s decisions.

According to the Presidency, the framework is designed to close regulatory loopholes that have enabled fraudulent operators and illicit financial activities without creating an additional regulatory agency. Officials said the order will improve coordination among existing institutions, strengthen investor protection and promote transparency in Nigeria’s virtual asset ecosystem.

The government noted that the executive order reflects its commitment to balancing innovation with financial stability. By harmonising the responsibilities of key regulatory agencies, authorities hope to create a more predictable environment for businesses while reducing the risks associated with cryptocurrency transactions.

As part of the reforms, the Central Bank is also advancing plans to establish a regulatory sandbox, allowing blockchain and financial technology companies to test new digital asset products and services under official supervision before they are introduced into the wider market.

Industry analysts view the initiative as a significant shift in Nigeria’s approach to cryptocurrencies. In 2021, the CBN directed commercial banks to stop facilitating cryptocurrency transactions, a move that forced much of the industry into peer-to-peer trading. The new framework signals a transition from restrictive measures to structured regulation, recognising the growing importance of digital assets in Nigeria’s financial system.

Nigeria remains one of the world’s most active cryptocurrency markets, driven by increasing digital adoption, cross-border transactions, remittances and investment in blockchain technology. Experts believe the new regulatory framework could improve investor confidence, attract legitimate investment and encourage innovation while enhancing safeguards against fraud, money laundering and terrorist financing.

Stakeholders in the financial technology sector have welcomed the policy direction, describing it as an important step toward providing regulatory clarity for businesses and investors. They, however, urged authorities to ensure that implementation remains transparent, predictable and supportive of innovation.

With the new executive order now in force, Nigeria joins a growing number of countries seeking to regulate virtual assets through coordinated oversight while positioning themselves to benefit from the opportunities offered by the evolving global digital economy.