By Boluwatife Oshadiya, Technology & Policy Correspondent | August 4, 2026
Key Points
- Nigeria Revenue Service says regulators are working under a unified digital asset framework
- Presidential Executive Order establishes a coordinated oversight structure for virtual assets
- Authorities aim to improve compliance while positioning Nigeria as Africa’s digital asset hub
Main Story
The Nigeria Revenue Service (NRS) says Nigerian financial regulators are working together to establish a unified regulatory framework for cryptocurrencies and other digital assets, signalling a coordinated government approach to the country’s fast-growing virtual asset ecosystem.
Speaking after the Second Nigeria Stablecoin Summit in Lagos on Monday, Oni Olushola, Deputy Director and Tax Controller of the NRS Non-Resident Persons Tax Office, said the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), the NRS and the Presidency are aligned on creating an enabling environment for digital asset innovation while strengthening regulatory oversight.
Olushola described the Presidential Executive Order on Virtual Assets Coordination, 2026, as a major milestone that centralises regulatory governance, reduces duplication among agencies and improves the ease of doing business for operators in the sector.
He said the order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria, to coordinate policy implementation and regulatory supervision across government institutions.
Olushola also noted that although substantial capital flows through Nigeria’s digital asset ecosystem, tax revenues from the industry remain below potential. He urged startups and emerging operators to prioritise regulatory and tax compliance from the early stages of their businesses.
What’s Being Said
“What the President has done is to ensure that the virtual asset sector is stable. The new Presidential Executive Order will help us better understand the crypto business and protect all parties involved,” Oni Olushola, Deputy Director and Tax Controller, Nigeria Revenue Service, said.
Reacting to the development, Nathaniel Luz, President of the Africa Stablecoin Network, said: “For years, the industry operated under a cloud of regulatory ambiguity. The Executive Order provides the clarity needed for institutional participation and positions Nigeria to lead Africa’s digital asset economy.”
What’s Next
- Regulators are expected to begin implementing the new Virtual Assets Coordination framework in collaboration with industry stakeholders.
- The newly established Virtual Asset Council will develop harmonised regulatory and compliance guidelines for operators.
- Digital asset businesses are expected to align with the new tax and compliance framework as implementation progresses.
The Bottom Line: Nigeria’s move toward a unified digital asset regulatory framework marks a significant policy shift. If implemented effectively, it could improve investor confidence, strengthen tax compliance and position the country as a leading hub for digital assets and blockchain innovation across Africa.
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