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Nigerian President Bola Tinubu has signed an executive order coordinating the country’s approach to cryptocurrency regulation, supervision and taxation.
The Presidential Executive Order on Virtual Assets Coordination, 2026 took immediate effect on July 17. It creates an inter-agency structure to close gaps between financial, securities, tax and security authorities without establishing a new regulator.
CBN-led Council Brings Five Agencies Into Crypto Oversight
The order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria. The Nigeria Revenue Service and Securities and Exchange Commission will serve as vice-chairs, while the Nigerian Financial Intelligence Unit and Office of the National Security Adviser will participate as members.
A Virtual Asset Office based at the CBN will coordinate applications, regulatory reporting and information sharing through a joint supervisory technology platform. Each participating agency will retain control of its data and existing legal mandate.
SEC and CBN Divide Registration by Crypto Activity
Crypto activities resembling securities will remain under SEC registration. The CBN will supervise payment, settlement, custody and related services involving virtual assets not classified as securities.
The council will decide which agency has jurisdiction when an activity does not fit clearly into either category. That structure is meant to reduce overlap while keeping existing regulators responsible for their assigned areas.
Nigeria Revenue Service to Clarify Virtual Asset Taxes
The Nigeria Revenue Service will publish a policy explaining how the country’s existing tax laws apply to virtual assets, taxpayers and service providers. The order does not announce a new crypto tax rate or identify specific taxable transactions.
The forthcoming policy is expected to clarify compliance and reporting under Nigeria’s existing tax laws. Further details, including release timing and obligations for exchanges, traders and custodians, will come from the revenue service.
CBN Sandbox Will Test Approved Crypto Products
The CBN will establish a regulatory sandbox where approved companies can test crypto products and blockchain services under supervision before offering them to the wider market.
Authorities will assess risks involving financial stability, monetary sovereignty, consumer protection, market integrity, financial inclusion and revenue collection.
The CBN has not yet published participation requirements or a launch date. The government is separately preparing a Virtual Assets White Paper covering its longer-term policy direction.
Agencies Must Deliver Implementation Framework Within 30 Days
The council’s first deadline is to produce a harmonized implementation framework within 30 days of the order. That places the deadline around mid-August.
The framework will determine how agencies coordinate supervision, tax reporting, licensing questions and information sharing under the new virtual asset structure.
