On June 3rd, the Nigerian blockchain and crypto advocacy group, SIBAN (Stakeholders in Blockchain Technology Association in Nigeria), declared the establishment of a code of conduct for Nigerian virtual assets service providers (VASPs). The goal of the code is to assist Nigeria to transform into the world’s safest and biggest blockchain sector with the greatest blockchain technology, investments, and engagement.
Introducing SiBAN Code of Conduct for Virtual Assets Service Providers in Nigeria.#Blockchain #Bitcoin #VASPs #cryptocurrencies https://t.co/H1TL3YzGPA
— SIBAN (@OfficialSiban) June 3, 2022
SIBAN issued Code of Conduct for VASPs
SIBAN, The Stakeholders in Blockchain Technology Association in Nigeria, a Nigerian blockchain organization, has issued a code of conduct for virtual asset service providers (VASPs). The SIBAN Code of Conduct was developed based on worldwide best practices that are compatible with SIBAN’s idea of a fair, accessible, and effective virtual assets market. This aligns with the aim of transforming Nigeria into the world’s safest and biggest blockchain sector, with the most blockchain solutions, investments, and adoption.
In creating this Code of Conduct, SIBAN evaluated the underlying principles and codes of conduct typically relevant to virtual asset service providers (VASPs):
- The Cayman Islands’ Statement of Principles: Conduct of Virtual Asset Services;
- The Global Digital Asset & Cryptocurrency Association’s (Global DCA) Code of Conduct;
- The New Rules on Issuance, Offering Portals, and Possession of Digital Assets approved by the Securities and Exchange Commission (SEC), Nigeria, on 11 May 2022, that also sets out, among many other things, the obligations of VASPs in Nigeria.
SIBAN focused on working with both regulators and innovators
Senator Ihenyen, president of SIBAN, stated to stakeholders,
“As a pro-regulation and pro-innovation organization, we must ensure that the system is not only rid of bad actors but also open to invention and law. SIBAN network is more dedicated than ever to partnering with both inventors and authorities to ensure that Nigeria capitalizes on the enormous prospects that this new industry has in store for us all.”
According to the statement, the code of conduct, which was established by the office of the President of Nigeria, would apply to all VASPs, including members and non-members of SIBAN.
Meanwhile, Mosun Omotunde, the head of SIBAN’s membership registration section, stated that,
“The application of the code of conduct revealed that the lobbying group supports a sector that balances growth, consumer rights, and investment security.”
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