Crypto▲ Bullish
Nigeria's Virtual Asset Council Gets 30 Days to Set Rules
President Tinubu signed an executive order on July 17 establishing a Virtual Asset Council chaired by the central bank, with a 30-day deadline for a harmonized framework covering securities, payments, and taxation.
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President Bola Tinubu signed an executive order on July 17 establishing a Virtual Asset Council to coordinate crypto oversight in Nigeria. The council, chaired by the Central Bank of Nigeria, has 30 days to produce a harmonized implementation framework.
The order splits responsibility. The Securities and Exchange Commission covers securities-related virtual asset activities. The CBN handles non-securities services, which covers most payment and transfer activity. The Nigeria Revenue Service is also a supporting member.
The order calls for a regulatory sandbox where new products can be tested under supervision. It also requires a Virtual Assets White Paper and a dedicated tax policy from the revenue service.