Nigerian President Signs Executive Order to Establish Virtual Assets Committee

Nigerian President Bola Ahmed Tinubu has signed an executive order to coordinate the regulation of virtual assets, enhance cooperation among financial, tax, and capital market institutions, and address the fragmentation of digital asset regulation. The executive order establishes a Virtual Assets Committee composed of heads of major financial regulatory agencies, responsible for guiding relevant policies. The Nigerian tax authorities will update digital asset policies and provide details on their impact on taxpayers. Presidential special advisor Bayo Onanuga stated that the executive order does not create a new regulatory body, and existing agencies will retain their statutory responsibilities and independence, with registration requirements determined by the nature of activities and the assets involved. A report from the International Monetary Fund (IMF) indicates that since 2019, Nigeria has accounted for approximately 60% of stablecoin inflows to sub-Saharan Africa; from July 2023 to June 2024, the country's cryptocurrency inflows are estimated to be around $59 billion.

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