President Bola Tinubu has signed an executive order establishing a national coordination structure for virtual assets. The order took effect immediately, according to a July 18 statement from the State House.
The new Virtual Asset Council will be chaired by the Central Bank of Nigeria. The Nigeria Revenue Service and Securities and Exchange Commission will serve as vice-chairs, with the Nigerian Financial Intelligence Unit and Office of the National Security Adviser also represented.
The government says the structure is meant to reduce regulatory overlap while addressing fraud, money laundering, cybersecurity, privacy and revenue risks. It also signals that Nigeria intends to supervise responsible digital-asset activity rather than treat the sector as a single-agency issue.
Several important details remain pending. The council has 30 days to develop an implementation framework. The central bank is expected to provide rules for a regulatory sandbox, the revenue service is preparing a sector tax policy, and the federal government says a broader white paper is still being finalized. Until those documents appear, the practical obligations for operators and consumers are not fully defined.
Source: State House of Nigeria ↗
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