Nigerian Blockchain and Crypto Association Introduces A Code Of Conduct For VASPs

SIBAN is committed to collaborating with investors and regulations.

BY FAME

The Stakeholders in Blockchain Technology Association in Nigeria (SIBAN), a Nigerian blockchain association, has released a code of conduct for virtual asset service providers (VASPs). The code’s goal is to “assist Nigeria become the world’s safest and largest blockchain space, with the largest blockchain solutions, investments, and adoption.” 

SIBAN had studied the principles and rules that are normally relevant to VASPs, such as the Cayman Islands’ Statement of Principles: Conduct of Virtual Asset Services, when creating the code, according to a press statement made by the lobby group. The Global Digital Asset & Cryptocurrency Association’s (Global DCA) Code of Conduct, as well as the recently issued guidelines for Nigerian VASPs, were also taken into consideration.

In his remark, Senator Ihenyen  the SIBAN president said SIBAN is committed to collaborating with investors and regulations.

“In my capacity as SiBAN President and the head of the Executive Council, I’m happy and proud to introduce the SiBAN Code of Conduct to you all. As a pro-innovation and pro-regulation association, we must ensure that the market is not only rid of bad actors but also conducive for innovation to thrive and regulation to work. In the SiBAN community, we are more than ever before committed to collaborating with both innovators and regulators, thus ensuring that Nigeria maximizes the immense opportunities this emerging sector has in store for us all,” he said. 

The Code of Conduct, according to Mosun Omotunde, Head of SIBAN  Membership Registration Unit, “will enable us to further show to both participants and regulators in the virtual assets business that SiBAN is for an industry that combines innovation with consumer protection and investment safety.”