Nigeria’s Tinubu Signs Order Creating Virtual Assets Commission

Nigeria has been steadily tightening its crypto perimeter. The country’s securities regulator has already published rules on the issuance, offering, and custody of digital assets. A new tax law ties crypto transactions to individual identities, and neighboring Ghana has set a deadline for crypto registration.

The order signals a more formal posture toward virtual assets from Africa’s largest economy. What remains unclear is how the new coordinating body will interact with existing agencies – the Securities and Exchange Commission, the central bank, and the tax authority – each of which has claimed some jurisdiction over crypto activity in recent years.

The practical impact on exchanges, issuers, and custodians will depend on the body’s actual powers, which the available government statement did not define. Future reporting will need to clarify whether the commission can issue licenses, set capital requirements, or enforce compliance across the sector.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.