Nigeria Unifies Crypto Regulation with New Executive Order

Nigerian President Bola Ahmed Tinubu has signed an executive order to unify crypto regulation and taxation in the country. The order, which was signed on July 18, aims to bring together Nigeria's fragmented crypto regulatory structure under a single framework.

The new council will be headed by senior financial regulators and will direct policy on digital assets across agencies. According to Bayo Onanuga, Presidential special adviser, the registration framework will be based on the nature of the activity and the asset involved.

This approach is expected to close the gaps that previously allowed unregistered operators to avoid oversight. The Nigerian Revenue Service is also updating its approach to digital assets as part of the order, requiring crypto service providers to link transactions to tax identification numbers in some cases.