The Blockchain Technology Association of Nigeria (SIBAN), a blockchain and crypto advocacy group, recently announced the introduction of a new code of conduct for virtual asset service providers in Nigeria. Led by the Nigerian Presidency, the code of conduct applies to all VASPs in Nigeria.
making the Nigerian blockchain industry a safe space
The Nigerian blockchain group, the Blockchain Technology Association of Nigeria (SIBAN), has introduced what it calls a Code of Conduct for Virtual Asset Service Providers (VASPs). The purpose of the code is to help “transform Nigeria into the world’s most secure and largest blockchain space for blockchain solutions, investment, and adoption.”
According to a press statement released by the lobby group, in preparing the code, SIBAN considered the principles and codes that normally apply to VASPs, including the Cayman Islands Statement of Principles. Implementation of Virtual Asset Services Global Digital Assets&were also considered. We also considered the Cryptocurrency Association’s (Global DCA) Code of Conduct and the recently published guidelines for VASPs in Nigeria.
working with both regulators and innovative companies
In his remarks to stakeholders, SIBAN Chairman Senator Yiheng Eng.
As an association that promotes innovation and regulation, we need to not only keep bad actors out of the market, but also ensure an environment where innovation can thrive and regulation can work The SiBAN community, more than ever, will work with both innovators and regulators to to ensure that Nigeria takes full advantage of the enormous opportunities this emerging sector offers.
The statement said the code of conduct, initiated by the Nigerian Presidency, applies to all VASPs, both members and non-members of SIBAN.
Meanwhile, Mosun Omotunde, head of SIBAN’s membership and registration department, said the introduction of the code of conduct shows that the lobby group is “for an industry that balances innovation with consumer protection and investor safety.”
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