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Creating a safe place for the Nigerian blockchain industry
The Stakeholders in Blockchain Technology Association in Nigeria (SIBAN), a Nigerian blockchain group, has put out what it calls a code of conduct for virtual asset service providers (VASPs). The goal of the code is to "make Nigeria the safest and biggest blockchain space in the world, with the most blockchain solutions, investments, and use."
In making the code, SIBAN took into account the principles and codes that usually apply to VASPs, such as the Cayman Islands' Statement of Principles: Conduct of Virtual Asset Services, according to a press statement from the lobbying group. The Global Digital Asset and Cryptocurrency Association's (Global DCA) Code of Conduct and the recently announced rules for Nigerian VASPs were also taken into account.
Working together with both regulators and new ideas
In his speech to SIBAN's stakeholders, Senator Ihenyen, who is the president of SIBAN, said:
"As an organization that supports both innovation and regulation, we need to make sure that the market is not only free of bad actors but also good for innovation and regulation to work. We in the SiBAN community are more committed than ever to working together with both innovators and regulators. This way, we can make sure that Nigeria takes full advantage of the many opportunities this new sector has to offer."
The code of conduct, which was started by the office of Nigeria's president, will apply to all VASPs, whether they are members of SIBAN or not.
Mosun Omotunde, who is in charge of SIBAN's membership registration unit, said that the code of conduct showed that SIBAN is "for an industry that balances innovation with consumer protection and investor safety."
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