- The Nigerian blockchain and crypto advocacy group takes a move forward in the industry of cryptocurrencies and blockchain.
- The Stakeholders in Blockchain Technology Association in Nigeria have announced the introduction of a code of conduct for the VASPs.
- They must make sure that the market is not only rid of bad actors but also conducive for innovation to thrive and regulation to work, highlighted the SIBAN president Senator Ihenyen.
The Stakeholders in Blockchain Technology Association in Nigeria (SIBAN), which is the Nigerian blockchain and crypto advocacy group, has recently announced the introduction of a code of conduct for the country’s virtual assets service providers.
The main focus of this code of conduct is to help “transform Nigeria into the safest and biggest blockchain space globally with the largest blockchain solutions, investments, and adoption.
While preparing the code SIBAN kept in mind the principles and codes which are usually applicable to VASPs like the Cayman Islands’ Statement of Principles, Conduct of Virtual Asset Services, highlights a press statement released by the lobby group.
They further considered the Global Digital Asset & Cryptocurrency Association’s (Global DCA) Code of Conduct as well as the recently announced guidelines for Nigerian VASPs.
According to the SIBAN president Senator Ihenyen who cited to the stakeholders, as a pro-innovation and pro-regulation association, they must make sure that the market is not only rid of bad actors but that it is also conducive for innovation to thrive and regulation to work.
And that In the SIBAN community, they are more than ever before committed to partnering with both regulators and innovators, hence ensuring that Nigeria maximizes the immense opportunities this emerging sector has in store for all.
The statement further highlighted that initiated by the office of the President of Nigeria, the code of conduct applies to all Nigerian VASPs, whether members or non-members of SIBAN.
A code of conduct for the Virtual Assets Service Providers might help the Nigerian citizens to build stronger confidence in the asset class. Let’s see how this code helps the Nigerian virtual assets stance further.
ALSO READ: What Pushed a Company Like Square Enix To Embrace NFT Games?
Source: https://www.thecoinrepublic.com/2022/06/07/blockchain-and-crypto-association-in-nigeria-puts-forward-a-code-of-conduct-for-vasps/