Nigerian president signs order on approach to crypto regulation, taxes

The West African country’s executive order established a virtual asset council and addressed the fragmentation of crypto regulation for oversight and enforcement.

President Bola Ahmed Tinubu of Nigeria has moved to address what his office called the fragmentation of digital asset regulation.

The Nigerian president’s special adviser Bayo Onanuga said that an executive order signed on Friday would “harmonize the regulation of virtual assets, strengthen cooperation among the nation’s financial, revenue and capital markets agencies, protect citizens from fraud, and safeguard the integrity of the financial system while enabling responsible innovation.”

It also established a virtual asset council headed by some of the nation’s top financial regulators to direct related policies, and Nigeria’s tax authority will update its policies on digital assets.