Prime Highlights
- President Tinubu signs an executive order to harmonise virtual asset regulation in Nigeria, establishing a Virtual Asset Council to oversee the sector.
- The order aims to protect citizens from fraud while enabling responsible innovation across Nigeria’s growing cryptocurrency and stablecoin markets.
Key Facts
- Virtual Asset Council unites CBN, Nigeria Revenue Service, SEC, NFIU, and National Security Advisor’s office.
- Nigerians lead global crypto adoption, with 40% using it for international transfers versus 11% worldwide.
Background
President Bola Tinubu of Nigeria has signed off on an executive order covering virtual assets, signaling a major shift in how the West African nation approaches cryptocurrency regulation, stablecoins included.
The order, effective immediately, aims to harmonise the regulation of virtual assets, strengthen cooperation among the nation’s financial, revenue and capital market agencies, protect citizens from fraud and safeguard the financial system while enabling responsible innovation, according to the State House.
The order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria and including the Nigeria Revenue Service, Securities Exchange Commission, Nigerian Financial Intelligence Unit and the Office of the National Security Advisor. The council will build a harmonised legal and institutional framework aligned with Nigeria’s national security and economic objectives.
The Central Bank will also set up a sandbox for virtual assets, giving operators a controlled environment to test products under regulatory oversight. Tax authorities are working on a dedicated policy, with the federal government finalising a virtual assets white paper outlining long term policy direction.
Rotimi Ogunyemi, a Lagos based technology attorney, said the new setup could draw stablecoin and cross-border activity into regulated channels where customers get clearer protection, backed by requirements for credible reserves and dependable redemption.
Crypto use has grown steadily across Nigeria in recent years. According to fintech firm Thunes, roughly 40% of Nigerians now use crypto for international transfers, far above the global average of 11%.
Ogunyemi said the order’s value will depend on whether it makes it easier for responsible companies to register, gain approvals and serve customers safely.
