Tinubu Orders Unified Crypto Regulation and Tax Framework

Nigeria has emerged as one of the world’s most active crypto markets, receiving about $59 billion in crypto-asset value between July 2023 and June 2024, according to IMF figures. Yet oversight has been split across monetary, securities, tax and law-enforcement agencies as virtual assets blur traditional lines between currencies, commodities and securities. The fragmented system created overlaps and gaps, raising risks tied to fraud, money laundering, terrorist financing, cybersecurity, data privacy and lost tax revenue, while leaving legitimate operators without consistent rules.

President Bola Ahmed Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026 on July 17, with immediate effect. It creates a Virtual Asset Council chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and Securities and Exchange Commission as vice-chairs; the Nigerian Financial Intelligence Unit and Office of the National Security Adviser are also members. The council must deliver a Harmonised Implementation Framework within 30 days. The CBN will launch a supervised regulatory sandbox, while the NRS will issue a sector tax policy clarifying how existing laws apply.