Nigerian President signs executive order to establish virtual asset regulatory framework and committee

Nigerian President Bola Tinubu signed an executive order on virtual assets, establishing a regulatory framework and setting up a virtual asset commission. The committee is chaired by the Central Bank of Nigeria (CBN), with the Nigerian Taxation Authority and the Nigerian Securities and Exchange Commission (NSEC) serving as vice chairs. CBN has established a virtual asset office internally, NSEC manages securities related financial activities, and CBN manages payment, settlement, and custody services for non securities virtual assets. CBN launches regulatory sandbox, and the Virtual Asset Committee needs to develop an executive order implementation framework within 30 days.