Woofun AI reports that Nigerian President Bola Tinubu has signed an executive order to regulate the virtual asset industry, which takes effect immediately. The order establishes a Virtual Assets Committee chaired by the Central Bank of Nigeria (CBN), with the Federal Inland Revenue Service and the Nigerian Securities and Exchange Commission (NSEC) serving as vice-chairs. An Office of Virtual Assets will be created within the CBN to manage daily inter-agency operations and information sharing. The NSEC will oversee securities-related financial activities, while the CBN will manage payment, settlement, and custody services for non-securities virtual assets.

Additionally, the CBN plans to launch a regulatory sandbox for qualified operators to test products in a monitored environment, and the committee must develop an implementation framework within 30 days.