Nigeria has taken a big step to bring clear rules for its growing crypto market. President Bola Tinubu signed a new executive order on July 17, creating a Virtual Asset Council to improve crypto regulation across the country.
The council will help government agencies work together, protect crypto users, and stop fraud. Every regulator will continue doing its own job under the new system.
The council includes the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Nigeria Revenue Service (NRS), the Nigerian Financial Intelligence Unit, and the Office of the National Security Adviser.
A new Virtual Asset Office inside the CBN will manage the council's daily work and help agencies share information quickly.
The government will also change how crypto businesses register. Companies will register based on the services they offer, such as crypto trading, payments, or custody services.
The SEC will look after crypto assets treated as securities, while the CBN will supervise crypto payments and related services. This system will help close legal gaps and make crypto rules easier to follow.
The Presidency explained why the new system was needed, saying, "Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings."
Nigeria will also release new tax guidelines for digital assets and start a regulatory sandbox where blockchain companies can test new products under government supervision. The Virtual Asset Council will prepare detailed rules within 30 days.
Lawmakers are also discussing a new bill that could bring stronger licensing and compliance rules for crypto businesses.