Uganda Seeks Nigeria’s Expertise on Virtual Assets

The Ugandan Law Reform Commission (ULRC) has reached out to Nigeria for guidance in crafting a strong legal framework for the oversight of virtual assets and Virtual Asset Service Providers (VASPs). This request was made during a high-profile visit to the Nigerian Law Society (NLS) in Abuja, organized by the Securities and Exchange Commission (SEC).

The delegation, led by Rutaremwa Kenneth and comprising Agnes Kisamba, PHO/ULRC, and Edward T. Mugwanya, Legal Research Officer, ULRC, sought Nigeria's expertise in the evolving regulatory landscape of virtual assets. The SEC delegation, headed by Anthony Edet, Head of Protocol, Anwulika Odinwe, Senior Manager, and Ekemini Akpan and Udokwere Michael, both of International Relations, shared insights on Nigeria's regulatory advancements in digital assets.

The visit highlighted Nigeria's strides in recognizing and regulating digital assets, a departure from the repealed 2007 Investments and Securities Act, which now explicitly encompasses digital assets within its securities definition. This progress was further solidified when President Bola Ahmed Tinubu signed the Presidential Executive Order on Virtual Assets Coordination 2026 on July 17, 2026.

Nigeria's Legal System emphasized the significance of regional collaboration and knowledge exchange in bolstering legal responses to evolving financial technologies.