Nigeria has moved ahead with a new executive order aimed at regulating virtual assets, cracking down on unregistered operators, and protecting citizens from fraud, according to News.bitcoin. President Bola Tinubu signed the measure, which took effect immediately.
The order creates a new Virtual Asset Committee as the country’s main policy and coordination body for the sector. The Central Bank of Nigeria, or CBN, will chair the committee, while the Nigerian tax authority and the Securities and Exchange Commission, identified in the source as NSEC, will serve as vice chairs. Representatives from the financial intelligence unit and the Office of the National Security Adviser will also take part.
The framework also sets up a virtual asset office inside the CBN to handle day-to-day operations and inter-agency information sharing through a shared technology platform. In parallel, the central bank is set to launch a regulatory sandbox so qualified operators can test virtual asset and blockchain products under supervision. The tax authority will draft dedicated tax rules for virtual assets, and the committee has 30 days to produce an implementation framework. The government is also preparing a broader Virtual Asset White Paper as a longer-term strategy.
Nigerian President Bola Tinubu has signed an executive order to regulate virtual assets, crack down on unregistered operators, and protect citizens from fraud, according to News.bitcoin. The measure took effect immediately.
New virtual asset committee
Under the order, a newly created Virtual Asset Committee will serve as the country’s main policy-making and coordination body for the sector.
The Central Bank of Nigeria (CBN) will chair the committee. The Nigerian tax authority and the Securities and Exchange Commission, identified in the source as NSEC, will act as vice chairs. Representatives from the financial intelligence unit and the Office of the National Security Adviser will also sit on the body.
CBN office and sandbox plan
The order also establishes a virtual asset office within the CBN. That office will handle day-to-day operations and inter-agency information sharing through a shared technology platform.
The CBN is also set to launch a regulatory sandbox that will allow qualified operators to test virtual asset and blockchain products under supervision.
Tax rules and next steps
Nigeria’s tax authority will draft specific tax policies for virtual assets to support compliance.
The committee has 30 days to produce an implementation framework. Separately, the government is preparing a broader Virtual Asset White Paper as its longer-term strategy.
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