PRESIDENT TINUBU SIGNS EXECUTIVE ORDER ON VIRTUAL ASSETS TO HARMONISE DIGITAL ECONOMY REGULATION
KASIBC_AUDIO
ABUJA, NIGERIA – President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a new regulatory architecture to harmonize the oversight of digital and virtual assets across Nigeria.
The Executive Order, which takes effect immediately, was signed pursuant to Section 5 of the 1999 Constitution (as amended). It responds to a fragmented regulatory environment where virtual assets increasingly blur traditional boundaries between currencies, commodities, and securities.
Addressing Institutional Silos and Security Risks
The Presidency noted that relevant agencies operating in isolation have created overlaps and enforcement gaps. Unregistered and fraudulent operators have exploited these loopholes to prey on unsuspecting citizens, exposing the nation to significant risks, including:
Consumer fraud and substantial revenue losses for the state.
The Executive Order closes these regulatory gaps through enhanced supervisory coordination without introducing new layers of bureaucracy or overriding the statutory mandates of existing institutions.
Establishment of the Virtual Asset Council & Office
To lead policy direction and alignment, the Order establishes two core administrative structures:
Virtual Asset Council: Chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairs.
The council also includes the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
Virtual Asset Office: Operating as the Council’s operational body with its secretariat domiciled at the CBN. It will manage day-to-day information sharing, process applications, and handle reporting via an integrated supervisory technology platform.
Existing statutory mandates remain intact: virtual assets classified as securities will continue under SEC oversight, while payments, settlement, custody, and non-security virtual assets fall under the CBN. Jurisdictional disputes will be resolved directly by the Council.
Regulatory Sandbox, Tax Policy, and White Paper
The government is introducing three supporting initiatives to bolster responsible innovation:
CBN Regulatory Sandbox: Eligible operators will test virtual asset products and blockchain-based solutions under close supervision to evaluate impacts on monetary sovereignty, financial stability, and consumer protection before entering the wider market.
NRS Virtual Asset Tax Policy: A dedicated tax policy will operationalize existing tax laws for digital assets, strengthening voluntary compliance and ensuring the growing sector contributes fairly to national revenue.
Virtual Assets White Paper: A comprehensive roadmap setting out long-term national policy directions and implementation priorities for stakeholders.
The Virtual Asset Council has been directed to deliver a Harmonised Implementation Framework within 30 days to ensure the rapid, structured rollout of the Executive Order across all participating agencies.
WWW.KASIBC.BLOGSPOT.COM
NEWS ~ AUDIO ~ VIDEO ~ SPORTS ~ EVENTS ~ TOURS ~ STORES
No comments:
Post a Comment
KASIPEOPLE