Nigerian President Bola Tinubu has signed an executive order establishing a unified regulatory framework for virtual assets, signaling a shift from the country’s historically cautious stance toward cryptocurrency. The order creates a Virtual Asset Council, chaired by the central bank and including revenue, securities, and financial intelligence agencies. The body is tasked with coordinating oversight of the sector, strengthening consumer protection, combating fraud, and encouraging responsible innovation. It also introduces a regulatory sandbox allowing companies to test virtual asset products under official supervision. Experts believe the reforms could boost stablecoin adoption by requiring stronger safeguards, including credible reserves and customer asset protection. The move reflects Nigeria’s growing acceptance of digital assets, which are widely used for remittances and as a hedge against currency depreciation.
African Business