Tinubu signs Executive Order to regulate virtual assets, establish Virtual Asset Council
Synthesised from 2 African sources
President Bola Tinubu has signed a new executive order establishing a coordinated regulatory framework for virtual assets in Nigeria, with the Central Bank of Nigeria (CBN), the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) taking the lead in overseeing the sector.
To address these concerns, the executive order establishes a Virtual Asset Council chaired by the CBN, while the NRS and SEC will serve as vice-chairs.
Under the new framework, the SEC will continue to regulate virtual assets classified as securities, while the CBN will supervise payment, settlement, custody and other services involving non-security virtual assets.
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