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Nigeria signs order to coordinate crypto regulation and tax policy
The executive order sets up a virtual asset council led by top financial regulators, while the Nigerian tax authority is set to update digital asset rules.
Nigeria’s President Bola Ahmed Tinubu signed an executive order aimed at reducing fragmentation in the country’s digital asset oversight. Cointelegraph reports the order establishes a virtual asset council headed by leading financial regulators to direct related policies for enforcement and supervision.
The order is also designed to provide registration rules that align with the nature of the activity and the type of asset, closing gaps that allowed some unregistered operators to avoid oversight, according to the report. The framework coordinates agencies’ work rather than creating a new regulator or transferring powers between institutions.
Cointelegraph also notes that Nigeria’s tax authority, the Nigerian Revenue Service, is expected to publish additional details on how digital assets affect taxpayers. It cites prior policy reforms from January requiring crypto service providers to link transactions to tax identification numbers, and in some cases national identification numbers.
The report places the move in context of Nigeria’s rapid digital asset adoption, citing an IMF June report that Nigeria accounted for about 60% of stablecoin inflows in sub-Saharan Africa since 2019. It also cites the IMF estimate of roughly $59 billion in crypto inflows between July 2023 and June 2024, describing the policy challenge as keeping cross-border payment innovation while containing new risks.