President Bola Ahmed Tinubu of Nigeria signed an executive order on Friday to harmonize virtual asset regulation across the nation's financial agencies. The order addresses what his office described as fragmentation in digital asset oversight and establishes a virtual asset council to coordinate policies among regulators. Nigeria's tax authority will update its policies on digital assets following the directive. Special adviser Bayo Onanuga stated the framework aims to protect citizens from fraud while enabling responsible innovation in the digital economy. Nigeria has emerged as a leader in African crypto adoption, accounting for approximately 60% of stablecoin inflows in sub-Saharan Africa since 2019 according to the International Monetary Fund.
Executive Order Establishes Virtual Asset Council
The executive order creates a virtual asset council headed by top financial regulators to direct related policies. Onanuga clarified the order does not create a new regulator or transfer powers between agencies. Each institution retains its full statutory mandate and independence, with the framework coordinating their work rather than replacing it. Registration requirements will follow the nature of the activity and the asset involved. The framework closes gaps through which unregistered operators previously escaped oversight, according to Onanuga.
Nigerian Revenue Service Updates Digital Asset Tax Policies
The Nigerian Revenue Service will provide additional details on effects for taxpayers following the executive order. The agency had already announced policy reforms in January. Under the Nigeria Tax Administration Act, crypto service providers are required to link transactions to tax identification numbers and in some cases national identification numbers.
Nigeria Accounts for 60% of Sub-Saharan Africa Stablecoin Inflows
Nigeria accounted for about 60% of stablecoin inflows within sub-Saharan Africa since 2019 according to a June report from the International Monetary Fund. The country had approximately $59 billion in crypto inflows between July 2023 and June 2024. The IMF stated the policy challenge is to narrow the gap that made workarounds in cross-border payments attractive while ensuring new risks remain contained. The organization said this requires a clear strategy open to innovation but anchored in sound macroeconomic policy and effective regulation.
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FAQ
What did Nigeria's president sign on Friday regarding crypto regulation?
President Bola Ahmed Tinubu signed an executive order on Friday to harmonize virtual asset regulation across Nigeria's financial agencies. The order establishes a virtual asset council to coordinate policies among regulators and directs the Nigerian Revenue Service to update its digital asset tax policies.
Why did Nigeria issue this executive order on virtual assets?
The executive order addresses what the president's office called fragmentation in digital asset regulation. Special adviser Bayo Onanuga stated the framework aims to protect citizens from fraud, safeguard financial system integrity, and enable responsible innovation while closing gaps that allowed unregistered operators to escape oversight.
How significant is Nigeria's role in African crypto adoption?
Nigeria accounted for approximately 60% of stablecoin inflows within sub-Saharan Africa since 2019 according to the International Monetary Fund. The country had about $59 billion in crypto inflows between July 2023 and June 2024, demonstrating its position as a leader in African digital asset adoption.
