Nigerian President Bola Tinubu has signed an executive order on virtual assets to streamline oversight of the country’s crypto sector and protect citizens from fraud. The government announced the measure on July 17, saying it aims to address a fragmented regulatory landscape and crack down on unregistered operators.
Executive Order Targets Unregistered Operators
According to the announcement, the order is intended to bring virtual asset activities under clearer rules and strengthen enforcement against entities operating without authorization. Authorities said the move is designed to safeguard consumers, reduce scams, and promote greater market integrity.
Addressing Regulatory Gaps
Nigeria’s crypto oversight has historically involved multiple agencies with overlapping mandates, creating uncertainty for businesses and users. The new order seeks to harmonize the approach to supervision and compliance for firms dealing in digital assets, including exchanges and other service providers, while reinforcing measures to curb illicit activity.
Context: Nigeria’s Evolving Crypto Policy
Nigeria is one of Africa’s largest crypto markets, with high retail adoption and active peer-to-peer trading. Policymakers have gradually shifted from restrictive banking guidance toward clearer rules, with the central bank and securities regulator taking steps in recent years to define how virtual asset service providers interact with the financial system. The latest executive action continues that trend by signaling a more coordinated framework for market conduct and consumer protection.
What to Watch
- Details on how registration and compliance requirements will apply to crypto businesses operating in Nigeria.
- Clarification of agency roles and enforcement processes across financial and securities regulators.
- Specific consumer protection standards and anti-fraud measures tied to virtual asset activities.
- Timelines for implementation and transition for existing operators.
Further details of the executive order were not immediately disclosed.