President Bola Tinubu has signed an Executive Order establishing a coordinated regulatory framework for virtual assets in Nigeria, aimed at strengthening oversight of the country's growing digital asset industry, protecting investors and tackling financial crimes.

According to a statement issued by the President's Special Adviser on Information and Strategy, Bayo Onanuga, the Presidential Executive Order on Virtual Assets Coordination, 2026, took immediate effect following its signing under Section 5 of the 1999 Constitution.

The new framework is designed to address regulatory overlaps as virtual assets increasingly cut across the responsibilities of financial, capital market and revenue agencies. It is also expected to improve coordination among regulators, close loopholes exploited by fraudulent operators and promote responsible innovation within the digital economy.

Onanuga said the absence of a unified regulatory system had exposed the country to risks such as money laundering, terrorism financing, cyber threats, data privacy breaches, fraud and revenue losses.

To strengthen oversight, the Executive Order establishes a Virtual Asset Council, to be chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and the Securities and Exchange Commission serving as vice-chairmen.

— PUNCH