Tinubu Orders Regulation of Nigeria's Crypto Market with Virtual Asset Council

Nigeria has taken a significant step towards regulating its thriving cryptocurrency market with President Tinubu's executive order establishing a Virtual Asset Council. The council, chaired by the central bank and comprising the Securities and Exchange Commission (SEC) and the tax authority Nigeria Revenue Service (NRS), will oversee the licensing of digital assets nationwide.

This shift comes after years of regulatory uncertainty, during which Nigerians conducted an estimated $92.1 billion in on-chain transactions between July 2024 and June 2025, making it one of the world's most crypto-active markets.

The executive order aims to address concerns raised by the International Monetary Fund (IMF) regarding the lack of regulation and reporting thresholds for large conversions. The council will ensure that platforms are licensed and comply with regulations, thereby maintaining the stability of the naira.