SIBAN Introduces Code of Conduct for Nigerian virtual assets service providers

By: Henry Felix

SIBAN Introduces Code of Conduct for Nigerian virtual assets service providers

June 6, 2022 10:01 AM

The Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) also known as the Nigerian blockchain and crypto advocacy group recently announced the introduction of a code of conduct for Nigerian virtual assets service providers. The code of conduct, which was initiated by the office of the President of Nigeria, applies to all VASPs in Nigeria.

 

SIBAN wants Nigeria's Blockchain Space to feel Safer


The Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) has recently introduced what it tagged as a code of conduct for all virtual asset service providers (VASPs) in the country. The main aim of the code is to help “transform Nigeria into the world’s safest and largest blockchain industry with blockchain solutions and adoption.”

 

However, according to a recent statement released by the group, 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.


SIBAN is Willing to Work With Both Regulators and Innovators


Senator Ihenyen the president of the blockchain and crypto advocacy group of Nigeria, in his remarks to stakeholders said:

 

we must ascertain that the blockchain space in Nigeria is not only rid of bad actors but also conducive for innovation to thrive and regulation to work, we are more than ever before committed to cooperating with both innovators and regulators, ensuring that Nigeria maximizes the immense opportunities in the blockchain space.

 

The code of conduct, originally initiated by the office of the President of Nigeria, will be applicable to all VASPs both members and non-members of SIBAN, the statement reads.