Nigerian Blockchain and Crypto Association Introduces a Code of Conduct for VASPs – Regulation Bitcoin News

The Nigerian blockchain and crypto advocacy group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) 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 Nigerian VASPs.

Making the Nigerian Blockchain Industry a Safe Space

The Nigerian blockchain group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) has introduced what it called a code of conduct for virtual asset service providers (VASPs). 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.

Collaborating With Both Regulators and Innovators

In his remarks to stakeholders, the SIBAN president Senator Ihenyen said:

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.

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

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.”

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Leave a Comment