President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, on July 17 to harmonize cryptocurrency regulation [1].
The move aims to consolidate oversight across various government agencies to protect Nigerian citizens from digital asset fraud and close regulatory gaps. By creating a centralized framework, the administration intends to balance the need for consumer protection with the growth of the digital economy.
The order establishes the Virtual Asset Council, a body designed to coordinate the activities of different regulatory entities [1]. The order said this council will work to ensure that the regulation of virtual assets is consistent and transparent across the country [2]. This coordination is intended to reduce the ambiguity that has previously characterized the relationship between Nigerian financial authorities and crypto operators.
Officials said the council will focus on strengthening oversight and promoting innovation within the sector [3]. The initiative specifically targets the prevention of crypto-related fraud, which has impacted numerous investors across the federation [4]. By streamlining the rules, the government seeks to create a safer environment for legitimate virtual asset service providers to operate.
The Executive Order of 2026 [1] marks a shift toward a more structured approach to digital finance in Abuja [5]. Rather than fragmented rules from separate agencies, the council will serve as the primary mechanism for aligning policies on virtual assets. This strategy is intended to support the broader goals of the digital economy by providing a clear legal roadmap for stakeholders.
This regulatory shift follows a period of volatility and uncertainty in the Nigerian cryptocurrency market. The new council is expected to provide the necessary guidance to ensure that innovation does not come at the expense of financial stability or citizen security [3].
“The order establishes the Virtual Asset Council, a body designed to coordinate the activities of different regulatory entities.”
This executive order represents a transition from a reactive to a proactive regulatory stance on cryptocurrency in Nigeria. By establishing a centralized council, the government is attempting to integrate virtual assets into the formal financial system while mitigating the risks of fraud and systemic instability. This move could potentially attract more institutional investment into the Nigerian digital economy if the council succeeds in providing a predictable and transparent legal framework.
