Nigeria's President Bola Tinubu Signs Virtual Assets Executive Order Today, Establishes CBN-Led Committee

According to News.bitcoin, Nigerian President Bola Tinubu signed a virtual assets executive order today (July 18) to address fragmented regulatory frameworks and protect citizens from fraud. The newly established Virtual Assets Committee, chaired by Nigeria's Central Bank (CBN) with the National Tax Authority and Securities and Exchange Commission as vice chairs, will coordinate policy and oversight. The committee also includes representatives from the Financial Intelligence Unit and the Office of the National Security Adviser.

The CBN will establish a Virtual Assets Office to handle daily operations and inter-agency information sharing via a shared technology platform. The central bank will launch a regulatory sandbox allowing qualified operators to test virtual assets and blockchain products under monitoring. The Tax Authority will develop specific tax policies for virtual assets to promote compliance. The committee must establish an implementation framework within 30 days.