Stakeholders in Blockchain Technology Association in Nigeria (SIBAN), a Nigerian advocacy group for blockchain and crypto, recently announced the adoption of a code to conduct for virtual asset service providers in Nigeria. This code of conduct was created by the Nigerian President. It applies to all VASPs in Nigeria.
Stakeholders in Blockchain Technology Association in Nigeria (SIBAN), a Nigerian blockchain group has created a code for conduct for virtual asset service providers. This code is designed to “transform Nigeria into a safest and most secure blockchain space, with the highest investments and adoptions, as well as the best blockchain solutions.”
According to the lobby group’s press release, SIBAN considered VASPs when creating the code. This included the Cayman Islands Statement of Principles: Conduct for Virtual Asset Services. The Global Digital Asset & Cryptocurrency Association (Global DCA), Code of Conduct, as well as recently released guidelines for Nigerian VASPs were also considered.
Collaboration with both regulators and innovators
Senator Ihenyen, president of SIBAN, stated:
We are a pro-innovation, pro-regulation association. This means that we need to ensure that the market is free from bad actors and allows for innovation to flourish and regulation to work. SiBAN is more committed than ever to working with regulators and innovators in order to maximize the opportunities Nigeria has for its emerging sector.
According to the statement, all SIBAN VASPs, members or not, will be subject to the code of conduct that was established by the office President of Nigeria.
Mosun Omotunde from SIBAN’s membership registration division said that the code of conduct was an indication that the lobby group supports “an industry that balances innovation, consumer protection, and investor safety.”