President Bola Tinubu has signed a new Executive Order aimed at improving the regulation of cryptocurrencies and other virtual assets in Nigeria. The new policy is designed to strengthen oversight, protect investors, and reduce financial crimes linked to digital assets.
Under the new framework, the Federal Government has created a Virtual Asset Council that will coordinate the activities of key agencies, including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Nigeria Revenue Service (NRS). The goal is to ensure better cooperation among regulators.
The Presidency said the Executive Order does not create a new regulator or remove the powers of existing agencies. Instead, it helps them work together more effectively while protecting Nigerians from fraud, money laundering, and other illegal activities involving digital assets.
Many experts believe the new policy could improve confidence in Nigeria’s digital economy by providing clearer rules for cryptocurrency businesses and investors. The government has also directed the new council to produce an implementation framework within 30 days.