As millions of Nigerians, particularly young people, continue to embrace cryptocurrencies for payments, investments and wealth creation, President Bola Tinubu has signed a new executive order to harmonise the regulation of virtual assets, strengthen oversight across government agencies and curb the misuse of digital assets for financial crimes while supporting responsible innovation.
The Presidential Executive Order on Virtual Assets Coordination, 2026, was announced on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, in a statement issued by the State House.
The executive order comes two weeks after the Securities and Exchange Commission (SEC) granted approval-in-principle to seven cryptocurrency companies to operate in Nigeria under its Accelerated Regulatory Incubation Programme, marking another step towards formalising the country’s rapidly expanding digital asset industry.
Fragmented regulation exposed Nigeria to financial crimes
The Federal Government said the order became necessary because Nigeria’s virtual asset ecosystem has evolved far beyond the traditional boundaries of currencies, securities and commodities, leaving several regulatory agencies operating independently with overlapping responsibilities and significant gaps that criminals have exploited.
Authorities have repeatedly linked cryptocurrency platforms to money laundering, terrorism financing, cybercrime and investment scams, raising concerns over the absence of a coordinated oversight framework.
The concerns are not unique to Nigeria. In late 2023, Binance founder Changpeng Zhao resigned as the company’s chief executive after admitting to violating United States anti-money laundering laws as part of a landmark $4.3 billion settlement with American authorities.
The exchange also came under intense scrutiny in Nigeria in 2024 after the Economic and Financial Crimes Commission accused Binance of laundering more than $35 million through its platform, while one of its executives, Tigran Gambaryan, was detained during investigations.
The company’s legal troubles widened again in late 2025 when Binance and some of its founders, including Zhao, were sued in the United States over allegations that the platform facilitated transactions that channelled millions of dollars to organisations designated by the US as terrorist groups, including Hamas and Hezbollah. Binance has consistently denied knowingly supporting terrorist financing and has maintained that it complies with global regulatory requirements.
Explaining the rationale behind the new framework, the Presidency said:
“With relevant agencies operating in silos, overlapping in some areas and leaving gaps in others, the country has been exposed to risks, including money laundering, terrorism financing, cybersecurity and data privacy threats, fraud, and revenue losses. Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings.”
Government moves to tighten oversight without stifling innovation
To mitigate the financial, security and consumer protection risks associated with virtual assets, the Federal Government said it is introducing a coordinated regulatory framework that aligns the activities of financial, capital market, tax and security agencies without creating another regulator or removing the statutory powers of existing institutions.
The Presidency said the executive order is designed to improve supervisory coordination, strengthen information sharing and ensure that cryptocurrency operators are registered according to the nature of their activities.
The move comes as Nigeria continues to rank among the world’s fastest-growing cryptocurrency markets. According to available industry data, Nigerians conducted more than $59 billion worth of cryptocurrency transactions between July 2023 and July 2024, making the country one of the largest digital asset markets globally.
Under the framework, operators dealing in virtual assets classified as securities will continue to register with the Securities and Exchange Commission, while firms offering payment, settlement, custody and related services involving non-security virtual assets will be regulated by the Central Bank of Nigeria. Where jurisdiction is unclear, the newly established council will determine the appropriate regulator.
“This closes the gaps through which unregistered operators have previously escaped oversight,” the statement added.
The Presidency also disclosed that the Central Bank of Nigeria will establish a regulatory sandbox that will allow eligible operators to test virtual asset products, blockchain solutions and related services in a controlled environment before they are introduced to the wider market.
Similarly, the Nigerian Revenue Service is expected to unveil a dedicated tax policy for the virtual asset industry to provide certainty for taxpayers, improve voluntary compliance and ensure the rapidly growing sector contributes fairly to government revenue.
The Federal Government said it is equally finalising a comprehensive Virtual Assets White Paper that will provide the country’s long-term policy direction and implementation roadmap for the industry.
Also Check: Why fraud and payment barriers are limiting the real use of crypto in Nigeria
Council, agencies assigned specific responsibilities
To drive implementation, the executive order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria, with the Nigerian Revenue Service and the Securities and Exchange Commission serving as vice-chairpersons.
Other members include the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser.
According to the Presidency, the council will provide overall policy direction, promote collaboration among participating agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework that aligns the virtual asset industry with Nigeria’s economic, security and social objectives.
The order also creates a Virtual Asset Office, which will serve as the council’s operational arm and will be domiciled at the Central Bank of Nigeria.
The office will coordinate information sharing, applications and reporting among participating agencies through an integrated supervisory technology platform that allows regulators to share information while maintaining control of their respective data.
The Presidency said the council has been directed to develop a Harmonised Implementation Framework within 30 days to guide the participating agencies and ensure the swift implementation of the executive order.