The president of Nigeria signs an executive order on virtual assets, establishing a committee and with the central bank taking the lead

PANews July 18, according to News.bitcoin, Nigerian President Bola Tinubu signed a Virtual Asset Executive Order aimed at addressing fragmented regulatory environments and protecting citizens from fraud. The measure takes immediate effect. The newly established Virtual Assets Committee, as the main policy-making and coordination body, will be chaired by the Central Bank of Nigeria (CBN). The Nigeria Tax Service and the Nigerian Securities and Exchange Commission (NSEC) will serve as deputy chairs. The committee will also include representatives from the Financial Intelligence Unit and the Office of the National Security Adviser. A Virtual Assets Office will be established within the CBN to handle daily operations and inter-agency information sharing (using a shared technology platform). In addition, the CBN will introduce a regulatory sandbox that allows qualified operators to test virtual asset and blockchain products under monitoring. The Tax Service will formulate specific tax policies for virtual assets to promote compliance. The committee must develop and implement an enforcement framework within 30 days; the government is preparing a more comprehensive “Virtual Assets White Paper” as a long-term strategy.