TechFlow news, according to Bitcoin.com, Nigerian President Bola Tinubu signed an executive order on virtual asset regulation on July 17, establishing a unified cross-departmental regulatory framework to crack down on unregistered operators and prevent fraud, money laundering, and terrorist financing. The executive order has taken effect.
According to the executive order, Nigeria will establish a Virtual Assets Committee led by the central bank, responsible for policy formulation and inter-departmental coordination. Specifically, securities-related virtual asset businesses will be regulated by the Nigerian Securities and Exchange Commission, while payment, settlement, and custody services for non-securities assets will be handled by the central bank. The committee must formulate an implementation framework within 30 days; the central bank also plans to launch a virtual asset regulatory sandbox; and tax authorities will formulate relevant special tax policies.
