Nigeria President Signs Executive Order to Coordinate Virtual Asset Regulation

Nigeria President Bola Ahmed Tinubu has signed an executive order to coordinate virtual asset regulation and improve cooperation among the country's financial, tax, and capital market institutions. According to Odaily, the order addresses fragmented oversight of digital assets and creates a virtual asset committee made up of the heads of Nigeria's main financial regulators to guide related policy. The Nigerian tax authority will update its digital asset policy and provide more details on the effect on taxpayers. Presidential aide Bayo Onanuga said the order does not create a new regulator or transfer authority between institutions, and that each agency retains its statutory duties and independence. He also said registration requirements will depend on the nature of the activity and the assets involved. An IMF report in June said Nigeria accounted for about 60% of stablecoin inflows into sub-Saharan Africa since 2019, while the country received about $59 billion in crypto inflows from July 2023 to June 2024.