Nigeria Creates Unified Crypto Oversight Council Through New Executive Order By Matt Brienen Published: 2026-07-20T21:18:58+00:00 Nigeria has introduced a new national framework intended to reduce regulatory confusion surrounding cryptocurrency, stablecoins and other virtual assets. President Bola Ahmed Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a council that will coordinate the government agencies responsible for supervising the industry. The order took effect immediately and directs regulators to produce a harmonized implementation framework within 30 days. The executive order does not create a new crypto regulator or eliminate the authority of Nigeria’s existing agencies. Instead, it attempts to clarify how those agencies will divide responsibilities, exchange information and address businesses whose activities fall across multiple regulatory categories. --- ### Nigeria Establishes a Virtual Asset Council The order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria. The Nigeria Revenue Service and Securities and Exchange Commission will serve as vice-chairs, while the Nigerian Financial Intelligence Unit and Office of the National Security Adviser will also participate. The council will provide policy direction and coordinate the government’s approach to virtual assets across financial regulation, taxation, capital markets, national security and law enforcement. A separate Virtual Asset Office will handle the council’s daily operations. Its secretariat will be based at the central bank and will coordinate applications, regulatory reporting and information sharing between agencies. The government also plans to introduce an integrated supervisory technology platform. Participating agencies will gain shared visibility into the sector while maintaining control over their own regulatory data. --- ### Crypto Businesses Will Register Based on Their Activities One of the framework’s most important changes is a clearer division of responsibility between the central bank and securities regulator. Virtual assets or services that qualify as securities will fall under the Securities and Exchange Commission. Payment, settlement, custody and other services involving non-security virtual assets will generally be registered with the Central Bank of Nigeria. The Virtual Asset Council will be responsible for resolving cases in which the appropriate regulator cannot easily be determined. Nigeria’s government said regulatory fragmentation had previously allowed some unregistered operators to avoid oversight. Different agencies sometimes exercised overlapping authority, while other activities fell between existing mandates. The new structure is designed to close those gaps without transferring the agencies’ existing legal powers. Each regulator will retain its statutory authority and independence. --- ### Central Bank Plans Crypto Regulatory Sandbox The Central Bank of Nigeria will also establish a regulatory sandbox for virtual assets and blockchain-based financial products. Approved companies will be allowed to test products and services in a controlled environment under government supervision. Regulators will evaluate potential effects on monetary policy, financial stability, consumer protection, financial inclusion, market integrity and tax collection before products are introduced more broadly. Additional details regarding eligibility, testing requirements and application procedures have not yet been released. The sandbox could provide legitimate crypto companies with a more direct path for communicating with regulators. However, participation will likely bring increased reporting, identity verification, compliance and risk-management requirements. --- ### Nigeria Prepares New Crypto Tax Policy The Nigeria Revenue Service has been directed to release a dedicated tax policy explaining how the country’s existing tax laws apply to virtual assets. The policy is intended to provide greater certainty for taxpayers and crypto service providers while increasing voluntary compliance and government revenue collection. The exact treatment of trading, stablecoin payments, business transactions and investment gains will depend on the additional guidance released by the tax authority. Nigeria is also finalizing a broader Virtual Assets White Paper that will outline the country’s long-term policy direction and implementation priorities. --- ### Stablecoin Adoption Adds Urgency to Regulation Nigeria has become one of the world’s most active crypto markets, with digital assets frequently used for savings, trading, remittances and international payments. The International Monetary Fund estimates that Nigeria received approximately $59 billion in crypto inflows between July 2023 and June 2024. The country has also accounted for roughly 60% of stablecoin inflows into sub-Saharan Africa since 2019. Dollar-pegged stablecoins have become especially popular as Nigerians seek alternatives for cross-border payments and protection from inflation and naira depreciation. They can allow households and businesses to transfer value more quickly and, in some cases, more cheaply than traditional international payment systems. That demand has also created concerns involving fraud, unregistered platforms, cybersecurity, money laundering, tax compliance and pressure on the traditional financial system. The executive order signals that Nigeria is not attempting to remove virtual assets from its economy. Instead, the government is moving toward a coordinated system in which crypto companies can operate under defined licensing, supervision and tax requirements.