Tinubu signs crypto, virtual assets regulation order

President Bola Tinubu has enacted an Executive Order establishing a coordinated regulatory framework for virtual assets, signaling a significant move to govern Nigeria's burgeoning digital asset sector.

The order, effective immediately, seeks to address regulatory fragmentation and bolster oversight of virtual assets, which currently span the mandates of multiple financial, revenue, and capital market regulators. Presidential Adviser on Information and Strategy, Bayo Onanuga, stated that the framework is designed to enhance inter-agency coordination, close loopholes exploited by fraudulent operators, and foster responsible innovation.

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Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings.

Onanuga emphasized that the lack of a unified approach has exposed Nigeria to risks such as money laundering, terrorism financing, cybersecurity threats, and revenue losses, with unregistered operators preying on unsuspecting citizens. To counter these risks, the executive order establishes a Virtual Asset Council, co-chaired by the Central Bank of Nigeria (CBN), the Nigeria Revenue Service, and the Securities and Exchange Commission. This council will guide policy, coordinate regulatory efforts, and collaborate on developing a harmonized legal framework.

Additionally, a Virtual Asset Office will be housed within the CBN to serve as the operational secretariat. This office will facilitate information sharing, application processing, and reporting among agencies via an integrated supervisory technology platform. Onanuga clarified that the order does not create a new regulator but rather streamlines existing mandates, ensuring that institutions retain their statutory powers while improving collaboration.

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The Executive Order does not create a new regulator or transfer powers between agencies. Each institution retains its full statutory mandate and independence.