Bola Tinubu targets crypto loopholes with sweeping Nigeria order
Nigerias President Bola Tinubu has signed an executive order targeting regulatory gaps in a crypto market that received about $59 billion in inflows between July 2023 and June 2024, according to the International Monetary Fund. SummaryTinubus executive order coordinates crypto oversight without creating a new regulator.Nigeria will tighten registration, tax reporting and supervision of virtual asset firms.IMF data shows Nigeria received $59 billion in crypto inflows within one year. Tinubu‘s office said the order will coordinate digital asset oversight across Nigeria’s financial, tax and capital market agencies while preserving the legal powers of each regulator. Signed on Friday, the directive creates a common framework for virtual asset regulation and seeks closer cooperation among agencies responsible for supervising Nigerias financial system. Presidential special adviser Bayo Onanuga said the framework will also protect users from fraud, support responsible innovation and preserve financial stability. Rather than forming another watchdog, the order creates a virtual asset council led by senior financial regulators. According to Onanuga, the council will guide policy and help agencies address regulatory gaps that previously allowed some unregistered businesses to operate without oversight. “Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it.” You might also like: SEC targets