Nigeria's Tinubu Signs Executive Order to Regulate Crypto Sector

Nigerian President Bola Tinubu signed an executive order on virtual assets on July 17, creating a new oversight structure for the country's digital asset market. The order targets unregistered operators and aims to close gaps that officials said have enabled fraud and money laundering.

Bayo Onanuga, special adviser to the president on information and strategy, said agencies had been working in silos, overlapping in some areas and leaving gaps in others. Fraudulent operators exploited those gaps, costing families their savings, he added.

The order creates a Virtual Asset Council chaired by the Central Bank of Nigeria. The Nigeria Revenue Service and the Nigeria Securities and Exchange Commission serve as vice chairs. The council also includes representatives from the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser.