Nigeria's President Tinubu Signs Virtual Asset Executive Order

According to ChainCatcher, Nigeria's President Bola Tinubu signed a virtual asset executive order on July 17 to regulate the sector and crack down on unregistered operators. The measure took immediate effect and establishes a new supervisory framework to coordinate the fragmented regulatory environment.

A newly formed Virtual Asset Committee will serve as the primary policy-making body, chaired by the Central Bank of Nigeria (CBN), with the Nigerian Tax Authority and Securities and Exchange Commission (NSEC) as vice chairs. The CBN will establish a Virtual Asset Office to oversee inter-agency operations and information sharing, manage non-securities virtual asset payments and custody services, while NSEC handles securities-related activities.