Nigerian President Signs Order on Approach to Crypto Regulation, Taxes
The order creates a virtual asset council and ties registration to business activity as Nigeria moves to curb fraud and improve tax compliance.
- On Friday, President Bola Tinubu signed an executive order to "harmonize the regulation of virtual assets, strengthen cooperation among the nation's" financial and tax agencies while protecting citizens from fraud.
- The International Monetary Fund estimates Nigeria accounts for around 60% of all stablecoin inflows into sub-Saharan Africa since 2019, with the crypto market receiving about $59 billion between July 2023 and June 2024.
- Under the new framework, regulators will register businesses by activity type, as presidential special adviser Bayo Onanuga noted the order creates a virtual asset council to coordinate policy rather than forming a new watchdog.
- While the directive does not set new tax rates, it integrates tax enforcement into the coordinated oversight structure, and the Nigerian Revenue Service will separately issue further details on how these measures affect taxpayers.
- Separately, the Senate Committee on Capital Market is reviewing the Virtual Asset Service Providers Regulation Bill, 2026; listed as SB 956, the proposal seeks to establish licensing and compliance requirements for virtual asset businesses.
10 Articles
10 Articles
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Nigerian President Signs Order on Crypto Oversight and Taxation
Nigeria’s President Bola Ahmed Tinubu has signed an executive order aimed at reducing what the government describes as fragmentation in how digital asset activities are regulated across agencies. In remarks relayed by the president’s special adviser, Bayo Onanuga, the order is framed as a coordination effort rather than a sweeping reallocation of powers. According to Onanuga, the executive order seeks to “harmonize the regulation of virtual asse…
Nigeria's Tinubu Signs Crypto Order, CBN to Lead Council
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