Nigeria unifies crypto regulation with new council

Nigeria has unified crypto regulation, forming a Virtual Asset Council to coordinate oversight, clarify agency roles, and update tax policies for a more centralized approach.

Nigeria has issued an executive order to streamline and unify the regulation of virtual assets. This move establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria, and includes key financial regulators. The council is tasked with developing a unified framework for overseeing the crypto sector within 30 days, aiming to address previously fragmented oversight and strengthen cooperation among financial, tax, and capital market agencies. The order clarifies the roles of each agency: the Securities and Exchange Commission will oversee securities-related activities, while the Central Bank will manage non-securities services. Additionally, a regulatory sandbox will be introduced to test new crypto products, fostering responsible innovation. The Nigerian tax authority will update its digital asset policy to align with the new regulatory approach. This executive order signals a more formal and centralized regulatory stance for Nigeria’s rapidly growing crypto market, aiming to protect citizens from fraud while supporting industry growth.