Nigerian Blockchain and Crypto Association Introduces a Code of Conduct for VASPs – The Stakeholders in Blockchain Technology Association in Nigeria (SIBAN), a Nigerian blockchain group, 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 preparing the code, according to a press statement made by the lobby group.
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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.
Senator Ihenyen, the president of SIBAN, made the following remarks to stakeholders:
“As a pro-innovation and pro-regulatory organization, it is our responsibility to ensure that the market is not just free of bad actors, but also conducive to innovation and effective regulation. We in the SiBAN community are more committed than ever to partnering with both innovators and regulators to ensure that Nigeria takes full advantage of the enormous prospects that this new sector offers us all.”
According to the statement, the code of conduct, which was initiated by the office of the President of Nigeria, will apply to all VASPs, including members and non-members of SIBAN.
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Nigerian Blockchain and Crypto Association Introduces a Code of Conduct for VASPs – The introduction of the code of conduct, according to Mosun Omotunde, the head of SIBAN’s membership registration unit, demonstrated that the lobby group is “for an industry that combines innovation with consumer protection and investment safety.”
