Summary
Nigeria's Presidential Executive Order on Virtual Assets Coordination, 2026, creates a coordinated regulatory framework for virtual assets without establishing a new regulator or transferring powers between agencies. The Order establishes a Virtual Asset Council (CBN-chaired), a Virtual Asset Office, a regulatory sandbox, and mandates a tax policy — addressing fragmentation that has exposed Nigeria to money laundering, terrorism financing, fraud, and revenue losses.
Key Points
- Council structure: CBN (chair), NRS and SEC (vice-chairs), NFIU, ONSA
- Virtual Asset Office: operational body at CBN; coordinates info sharing, applications, reporting
- Supervisory tech platform: integrated platform with shared visibility; each agency retains data ownership
- Registration by activity: SEC for securities-like activities; CBN for payment/settlement/custody of non-security virtual assets
- Council resolves: any case where responsibility cannot be readily determined
- Regulatory sandbox: CBN-led; controlled environment for testing virtual asset products under supervision
- Tax policy: NRS to release tax policy operationalizing Nigeria's tax laws for virtual assets
- White Paper: comprehensive Virtual Assets White Paper being finalized for longer-term policy direction
- Implementation: Harmonised Implementation Framework within 30 days
- Key principle: coordination without centralization — each agency retains full statutory mandate
- Context: Nigeria has one of Africa's largest crypto markets but fragmented regulation