TINUBU SIGNS EXECUTIVE ORDER ON VIRTUAL ASSETS, ESTABLISHES COUNCIL TO HARMONISE CRYPTO REGULATION

President Bola Tinubu has signed an executive order on virtual assets, establishing a National Council on Virtual Assets to harmonise regulation and provide a clear framework for the growing cryptocurrency industry in Nigeria.

The announcement was made on Friday by the Presidency, describing the move as a significant step towards positioning Nigeria as a leader in digital assets and fintech innovation in Africa. The council will be chaired by the Minister of Finance and will include representatives from relevant regulatory agencies and industry stakeholders.

President Tinubu said the executive order aims to balance innovation with risk management, protect investors, and prevent the use of virtual assets for illicit activities. “This framework will provide clarity, foster responsible innovation, and ensure that Nigeria benefits from the opportunities in the digital economy while safeguarding our financial system,” the President stated.

The National Council on Virtual Assets will be responsible for developing policies, coordinating regulatory efforts, and promoting the adoption of virtual assets in a safe and transparent manner. It will also work to align Nigeria’s crypto regulations with international best practices.

The move has been welcomed by fintech companies and crypto enthusiasts, who see it as a positive development that will bring much-needed clarity to the sector. However, some analysts have called for caution, urging the council to prioritise consumer protection and financial stability.

The executive order is expected to boost investor confidence and attract more capital into Nigeria’s digital asset ecosystem. It also signals the government’s willingness to embrace emerging technologies while maintaining regulatory oversight.

As Nigeria continues to explore the role of virtual assets in its economic development, the establishment of the council is seen as a critical step towards creating a robust and sustainable framework for the industry.