Nigerian President Bola Tinubu has signed an executive order on virtual assets to address a fragmented regulatory landscape and protect citizens from fraud.
Addressing Regulatory GapsNigerian President Bola Tinubu has signed an executive order aimed at regulating virtual assets and cracking down on unregistered operators, the government announced on July 17. The order establishes a new oversight framework to harmonize a regulatory environment described by officials as increasingly fragmented. The measure takes effect immediately.
Government officials said the order is designed to protect citizens from fraud, curb money laundering and prevent terrorism financing without adding unnecessary bureaucratic layers or dissolving the independent authority of existing financial bodies.
Under the new decree, a newly formed Virtual Asset Council will serve as the chief policymaking and coordinating body. The council will be chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service and the Nigeria Securities and Exchange Commission (NSEC) serving as vice chairs. The body will also include representatives from the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser.
A new Virtual Asset Office, housed within the central bank, will handle day-to-day operations and information sharing among the agencies via a shared, integrated technology platform.
The Virtual Asset Council has been given 30 days to establish a framework to roll out the executive order. The government is also finalizing a broader Virtual Assets White Paper to outline its long-term strategy for the sector.
