Nigerian President Bola Tinubu has announced the establishment of the Virtual Asset Regulatory Council (VARC) to oversee the country's burgeoning digital asset market. This new framework, co-chaired by the Central Bank of Nigeria (CBN) and the Nigeria Revenue Service (NRS), aims to regulate non-security virtual assets, marking a significant shift in Nigeria's approach to fintech regulation. The Virtual Asset Regulatory Authority (VARA) will focus on non-security assets like stablecoins and payment tokens, while the Nigerian Securities and Exchange Commission will continue to regulate securities. The initiative aligns with President Tinubu's 2023 manifesto commitment to reform government policy on blockchain technology and crypto assets. Industry analyst Rume Ophi described the move as a turning point for Nigeria's crypto industry, highlighting the structured regulatory approach. The framework introduces registration and compliance requirements for both local and offshore platforms, including know-your-customer and cybersecurity standards, offering firms formal recognition and improved access to banking services. The Tinubu administration aims to deepen Nigeria's digital economy, aspiring to build a $1 trillion economy by 2030.