The Ugandan Law Reform Commission (ULRC) has sought Nigeria’s expertise in developing a robust legal framework for the regulation of virtual assets and Virtual Asset Service Providers (VASPs), during a high-level visit to the Nigerian Law Society (NLS) in Abuja.
The visit, facilitated by the Securities and Exchange Commission (SEC), featured a courtesy visit to the NLS National Secretariat and a technical consultation with the founder of the NLS, Chief J-K Gadzama, SAN, on Nigeria’s evolving regulatory framework for virtual assets.
The Ugandan delegation was led by Rutaremwa Kenneth and included Agnes Kisamba, PHO/ULRC, and Edward T. Mugwanya, Legal Research Officer, ULRC. The SEC delegation comprised Anthony Edet, Head of Protocol; Anwulika Odinwe, Senior Manager; Ekemini Akpan and Udokwere Michael, both of International Relations.
The engagement focused on Nigeria’s experience in regulating digital assets, and how the country’s emerging legal and regulatory framework could assist Uganda in developing legislation suited to its virtual asset market.
Nigeria has taken significant steps, towards formal recognition and regulation of virtual assets. Unlike the repealed Investments and Securities Act 2007, the Investments and Securities Act 2025 expressly includes digital assets, virtual assets and tokenised instruments within the definition of securities, giving the SEC statutory powers to regulate and license operators.
The development was further strengthened on July 17, 2026, when President Bola Ahmed Tinubu, GCFR, signed the Presidential Executive Order on Virtual Assets Coordination 2026. The Nigerian Law Society said the engagement underscored the importance of regional cooperation and knowledge-sharing, in strengthening legal responses to emerging financial technologies.