Stakeholders in Blockchain Technology Association in Nigeria (SIBAN), a Nigerian advocacy group for blockchain and crypto, recently introduced a code to conduct virtual asset service providers in Nigeria. All VASPs from Nigeria are eligible to apply the code of conduct.
The Nigerian Blockchain Industry is a safe space
Stakeholders in Blockchain Technology Association in Nigeria (SIBAN), Nigeria’s blockchain association, has published a code to conduct virtual asset service providers (VASPs) according to its name. The objective of the code is to help “transform Nigeria into the world’s safest and biggest blockchain space with the largest blockchain solutions, investments, and adoption.”
According to a press statement released by the lobby group, when preparing the code SIBAN had considered the principles and codes that are usually applicable to VASPs such as the Cayman Islands’ Statement of Principles: Conduct of Virtual Asset Services. Also considered were the Global Digital Asset & Cryptocurrency Association’s (Global DCA) Code of Conduct as well as the recently announced guidelines for Nigerian VASPs.
Collaboration with both regulators and innovators
The SIBAN President Senator Ihenyen stated:
We are a pro-innovation, pro-regulation organization and must make sure that there is no bad players in the market. This will allow for regulation to be effective and innovation to flourish. SiBAN is more committed than ever to working with regulators as well as innovators in order for Nigeria to reap the enormous opportunities that this sector offers.
This code of conduct was created by the Office of the President in Nigeria and will apply to all SIBAN members as well as non-members.
Meanwhile, the head of SIBAN’s membership registration unit, Mosun Omotunde, said the introduction of the code of conduct demonstrated that the lobby group is “for an industry that balances innovation with consumer protection and investor safety.”
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