Tinubu Signs Executive Order to Regulate Virtual Assets, Establishes Digital Economy Council

Abuja – President Bola Ahmed Tinubu has signed an Executive Order introducing a coordinated regulatory framework for virtual assets in Nigeria and establishing a Digital Economy Council to strengthen oversight of the country’s rapidly expanding digital finance ecosystem.

The Executive Order is aimed at harmonising the regulation of virtual assets, improving investor protection, promoting innovation, and addressing risks associated with the digital asset industry, including fraud, money laundering, terrorism financing, and cybersecurity threats.

According to a statement from the Presidency, the new framework seeks to eliminate regulatory overlaps among government agencies by creating a coordinated approach to supervising virtual assets, cryptocurrencies, and other digital financial services. The initiative is expected to boost investor confidence while supporting the continued growth of Nigeria’s digital economy.

The newly established council will bring together key regulatory and government institutions to coordinate policies, share information, and ensure effective oversight of the sector. The Presidency clarified that the Executive Order does not replace existing regulators but rather strengthens collaboration among them to improve efficiency and regulatory certainty.

Under the framework, the Securities and Exchange Commission (SEC) will continue to regulate virtual assets classified as securities, while the Central Bank of Nigeria (CBN) will oversee payment systems and other non-security digital asset activities within its statutory mandate.

The Federal Government said the initiative aligns with its broader agenda of promoting digital innovation, enhancing financial inclusion, attracting investment, and positioning Nigeria as a leading digital economy in Africa.

Industry stakeholders have welcomed the Executive Order, describing it as a significant step toward creating a transparent, secure, and innovation-friendly environment for virtual asset businesses, investors, and technology companies operating in Nigeria.