Tinubu signs executive order to regulate cryptocurrency, virtual assets

Nigerian President Bola Tinubu has enacted a new executive order aimed at establishing a coordinated regulatory framework for virtual assets within the country. This significant move signals the government's intent to bring structure and oversight to the burgeoning cryptocurrency and virtual assets sector.

The Central Bank of Nigeria (CBN), in conjunction with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC), has been tasked with spearheading the regulation and supervision of this domain. Their collective efforts will be crucial in defining the operational boundaries and compliance standards for virtual asset activities.

This executive order represents a decisive step by the Tinubu administration to address the complexities and potential risks associated with virtual assets. By creating a unified regulatory approach, Nigeria seeks to foster a more secure and predictable environment for investors and participants in the digital asset market, while also ensuring appropriate revenue collection and financial stability.