NIGERIA’S EVOLVING DIGITAL ASSET ECOSYSTEM: EXAMINING THE SECURITY AND EXCHANGE COMMISSION’s (SEC) PROPOSED COMPREHENSIVE FRAMEWORK

Nigeria’s digital asset regulatory landscape continues to evolve. Following the signing of the Presidential Executive Order on Virtual Assets Coordination, 2026 (the “Executive Order”) by President Bola Ahmed Tinubu on 17 July 2026, the Securities and Exchange Commission (“SEC”) released the Proposed Rules on Digital and Virtual Asset Operations, Custody and Markets (the “Proposed Rules”) for stakeholder comments. The Proposed Rules seek to establish a comprehensive framework governing digital and virtual asset activities, while promoting innovation, market integrity, investor protection, and regulatory coordination within the sector.

The Executive Order established a Virtual Asset Council comprising key regulatory and government agencies to promote coordination in the regulation of virtual assets, while preserving the statutory mandates of the respective regulators. Against this backdrop, SEC published the Proposed Rules on 20 August 2026, signalling a significant expansion of its