Following the signing of an executive order by President Bola Ahmed Tinubu to coordinate cryptocurrency regulation and taxation, Nigeria has made significant progress in fortifying its framework for digital assets. In order to promote responsible innovation and enhance collaboration between financial regulators, tax authorities, and capital market agencies, the directive establishes a new Virtual Asset Council. In light of Nigeria’s expanding status as one of Africa’s biggest markets for stablecoins and cryptocurrencies, it also demands updated tax laws on digital assets.
JUST IN: 🇳🇬 Nigeria establishes virtual asset council to coordinate crypto policy and regulation.
— Watcher.Guru (@WatcherGuru) July 20, 2026
The executive order is intended to rectify the fragmented approach that has prevailed across many government entities supervising virtual assets, according to a statement from presidential adviser Bayo Onanuga. The new framework aims to safeguard investors, promote innovation and provide a more integrated regulatory system.
Senior financial regulators will head the recently formed Virtual Asset Council, which will be in charge of developing regulations pertaining to digital assets. It is anticipated to enhance cooperation between organizations in charge of consumer protection, taxation, and financial markets.
Additionally, the executive decree instructs Nigeria’s tax office to revise its digital asset policies. The plan is in line with previous tax regulations that mandated bitcoin service providers link transactions to Tax Identification Numbers (TINs) and, in certain situations, National Identification Numbers (NINs), though more details are anticipated.
Nigeria’s efforts to achieve such balance are shown in the most recent executive decree. The government seems more interested in creating a coherent regulatory framework that encourages responsible growth while enhancing supervision and tax compliance than limiting digital assets.
Nigeria’s most recent legislative change may serve as a template for other nations looking to promote innovation while preserving financial stability as bitcoin usage spreads throughout Africa. The establishment of a central coordinating organization is another indication that digital assets are playing a bigger role in the nation’s long-term financial plan.
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment