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By Osasome, C.O
Nigeria Targets Africa’s Digital Asset Leadership as Regulators Unite Behind Crypto, Stablecoin Growth
Nigeria is taking another significant step toward becoming Africa’s leading digital asset economy, as the Nigeria Revenue Service (NRS) disclosed that key financial regulators are working together to establish a unified regulatory framework that supports the growth of cryptocurrencies, stablecoins and other virtual assets.
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The initiative signals a major policy shift from restrictive oversight to coordinated regulation designed to promote innovation, investor confidence, taxation and financial stability across Nigeria’s fast-expanding digital asset ecosystem.
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Speaking at the second Nigeria Stablecoin Summit in Lagos, the Deputy Director and Tax Controller, Non-Resident Persons Tax Office, Mr. Oni Olushola, said government institutions no longer view cryptocurrencies as adversaries to the financial system but as emerging financial instruments requiring clear and coordinated regulation.
The summit, organised by the Africa Stablecoin Network, brought together policymakers, financial regulators, fintech companies, blockchain innovators and industry experts to examine the growing role of stablecoins in cross-border payments, digital commerce and financial inclusion.
Regulators Unite to Build a Stable Digital Asset Ecosystem
Olushola disclosed that the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Nigeria Revenue Service (NRS) and the Presidency are collaborating to develop a harmonised regulatory environment that encourages innovation while ensuring compliance, transparency and consumer protection.
According to him, the recently signed Presidential Executive Order on Virtual Assets Coordination, 2026, represents a landmark reform that establishes a central governance structure for digital assets.
He explained that the Executive Order is designed to eliminate regulatory overlaps, simplify compliance obligations and improve the ease of doing business for virtual asset operators.
“What the President has done is to ensure that the virtual asset sector is stable,” Olushola said.
He noted that multiple agencies previously regulated different aspects of the industry under separate legal frameworks, creating uncertainty that discouraged investment and slowed sectoral growth.
“The new Presidential Executive Order on Virtual Assets Coordination, 2026, will help us better understand the crypto business and protect all parties involved,” he added.
Executive Order Creates Central Virtual Asset Council
Olushola said the Executive Order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria, to coordinate regulatory oversight among government institutions.
The council is expected to harmonise policies relating to licensing, taxation, compliance, anti-money laundering controls, investor protection and market supervision.
According to him, the coordinated approach reflects government’s recognition of the enormous economic value flowing through virtual asset markets and the need to ensure that appropriate regulatory and tax mechanisms evolve alongside industry growth.
“We are committed to creating a system where digital assets will thrive and Nigeria will become a hub and model for virtual assets in Africa,” he said.
“With the new order signed by President Tinubu, we will develop a more friendly policy that supports sectoral growth.”
Nigeria’s Crypto Policy Has Shifted from Restriction to Regulation
Nigeria’s digital asset regulatory landscape has undergone a remarkable transformation over the past few years.
Following the lifting of the Central Bank’s banking restrictions on Virtual Asset Service Providers (VASPs) in December 2023, cryptocurrencies now operate within an increasingly structured legal framework jointly supervised by the CBN and the SEC.
The Investments and Securities Act formally recognises digital assets and cryptocurrencies as securities under SEC oversight, while recent tax reforms have introduced comprehensive guidelines governing the taxation of virtual asset transactions.
The latest Executive Order further strengthens this framework by creating a unified governance architecture that aligns regulatory responsibilities across government institutions.
Stablecoins Emerging as Critical Financial Infrastructure
Industry stakeholders at the summit noted that stablecoins are rapidly evolving beyond speculative investment instruments into critical payment infrastructure capable of transforming African commerce.
Participants highlighted their growing role in facilitating:
- Cross-border trade payments
- International remittances
- Financial inclusion
- Settlement efficiency
- Digital commerce
- Enterprise payments
Under Nigeria’s evolving regulatory framework, fiat-backed stablecoins are recognised as legitimate digital assets, provided issuers comply with licensing requirements, maintain verifiable one-to-one reserve backing and adhere to strict customer protection standards.
Early Tax Compliance Critical for Startups
Olushola urged fintech startups and emerging digital asset operators to embed tax compliance into their business models from inception rather than waiting until they achieve significant scale.
“Don’t wait to be big to start complying with tax laws. Comply to become big. Regulatory compliance can make or break you,” he advised.
He assured industry participants that regulators intend to develop a tax regime that is transparent, practical and easy to understand while encouraging innovation and investment.
Describing the current reforms as “a new dawn,” Olushola urged operators to regard regulators as partners rather than adversaries.
“CBN, SEC, NRS and even the Presidency have embraced you. See us as partners in progress.”
Industry Welcomes Regulatory Clarity
President of the Africa Stablecoin Network and convener of the summit, Nathaniel Luz, described the Executive Order as a turning point for Nigeria’s blockchain and digital asset industry.
According to him, the new framework removes years of regulatory uncertainty that discouraged institutional participation and long-term investment.
“For years, the industry operated under a cloud of regulatory ambiguity that stifled institutional participation,” Luz said.
He noted that government institutions now increasingly recognise stablecoins and digital assets as strategic infrastructure capable of supporting trade, remittances and financial inclusion across Africa.
“The institutions gathered here are no longer here to speculate; they are here to build the payment rails powering African trade.”
Luz commended the Federal Government for taking decisive steps towards positioning Nigeria as Africa’s digital asset capital.
Data Privacy and Consumer Protection Remain Priorities
While welcoming regulatory reforms, Nexply Compliance Chief Executive Officer, Tosin N. Luz, stressed the need for digital asset operators to balance rapid expansion with strong data privacy and consumer protection measures.
He urged operators to maintain robust compliance systems as stablecoins and virtual asset services continue gaining mainstream adoption.
Industry experts from Sphere Labs, Vale Holdings, and the Africa Fintech Network also examined the growing integration of stablecoins into global payment systems, noting their increasing relevance in facilitating faster, lower-cost international transactions.
NRS Publishes Virtual Asset Tax Guidelines
As part of the broader regulatory reforms, the Nigeria Revenue Service announced that its newly issued Guidelines on the Taxation of Virtual Assets are now available on the agency’s official website.
The guidelines provide clarity on tax obligations for cryptocurrency exchanges, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) platforms, fintech companies and digital asset investors.
The agency encouraged all stakeholders to study the framework carefully and ensure full compliance with Nigeria’s evolving digital asset regulatory and tax regime.
A New Era for Nigeria’s Digital Economy
The convergence of regulatory coordination, legal recognition, tax reforms and stablecoin policy signals Nigeria’s determination to become Africa’s leading digital asset destination.
t the heart of Nigeria’s blockchain strategy is a push to unify the efforts of the CBN, SEC, NRS, and other key institutions under a single governance framework. This alignment aims to build a secure, transparent ecosystem that fosters innovation and draws investment into the fintech sector. Ultimately, the vision is to establish Nigeria as Africa’s premier hub for blockchain-powered financial services.
