Nigerian President Signs Executive Order on Virtual Asset Regulation

Nigerian President Bola Tinubu has signed an executive order aimed at regulating virtual assets and combating unregistered operators, which takes effect immediately. The newly established Virtual Assets Committee will serve as the primary policy-making and coordinating body, chaired by the Central Bank of Nigeria (CBN), with the Federal Inland Revenue Service and the Nigerian Securities and Exchange Commission (NSEC) as vice-chairs. An Office of Virtual Assets will be set up within the CBN to handle daily operations and information sharing between agencies. Financial activities related to securities will be managed by the NSEC, while payment, settlement, and custody services for non-securities virtual assets will be overseen by the CBN. The CBN plans to introduce a regulatory sandbox that will allow qualified operators to test virtual asset products and blockchain solutions in a controlled environment. The Virtual Assets Committee is required to develop an implementation framework for the executive order within 30 days.

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