Tinubu signs executive order to coordinate virtual assets regulation

President Bola Tinubu has signed a Presidential Executive Order on Virtual Assets Coordination aimed at harmonising the regulation of digital assets, strengthening oversight of the sector and protecting Nigerians from fraud while supporting innovation.

The Presidency said the Executive Order, which takes immediate effect, establishes a coordinated regulatory framework for virtual assets without creating a new regulator or removing the statutory powers of existing agencies.

According to a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the order was signed pursuant to Section 5 of the 1999 Constitution.

The statement said the move was necessitated by the rapid growth of virtual assets, which increasingly cut across traditional categories of currencies, commodities, securities and payment systems, creating regulatory overlaps and gaps.

It noted that the fragmented regulatory environment had exposed the country to risks including money laundering, terrorism financing, cybersecurity threats, data privacy breaches, fraud and revenue losses.

“The Order is designed to close these gaps through supervisory coordination, without introducing new layers of regulation or displacing the mandates of existing agencies,” the statement said.

A key provision of the order is the establishment of a Virtual Asset Council to provide policy direction and coordinate regulatory activities.

The council will be chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairmen. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).