Nigeria Puts Executive Order Unifying Crypto Oversight Into Effect

Nigeria has put into effect the 2026 Virtual Asset Coordination Executive Order, clarifying regulatory authority over virtual assets and mandating cooperation among government agencies.

Premium Times reported on July 17 that President Bola Tinubu signed the executive order that day. It took effect immediately. The measure is designed to close regulatory gaps that had enabled terrorism financing, fraud and tax revenue losses under a fragmented agency-by-agency system, while blocking unregistered illegal operators from entering the market.

The order establishes a new virtual asset committee chaired by the Central Bank of Nigeria. The Federal Inland Revenue Service and the Securities and Exchange Commission will serve as vice chairs. The Nigerian Financial Intelligence Unit and the Office of the National Security Adviser will also join the body to draft a unified regulatory framework. A virtual asset office will be set up within the central bank to handle interagency information sharing and coordinate licensing.

Under the new framework, the SEC will oversee security-type virtual assets based on the nature of the asset. The central bank will supervise payment, settlement and custody services using non-security assets. The new committee will directly coordinate cases where jurisdiction is unclear.

The government is also revamping industry support and tax measures. The central bank plans to introduce a virtual asset regulatory sandbox soon so qualified operators can test blockchain services in a controlled environment. The tax authority plans to announce a crypto-specific tax framework to encourage voluntary compliance and secure tax revenue.

The government has also begun drafting a virtual asset white paper laying out the sector's medium- to long-term policy direction. The new virtual asset committee plans to draw up a detailed integrated implementation framework within 30 days and distribute it to relevant agencies to speed implementation of the order.