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The Nigerian blockchain group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) has introduced what it called a code of conduct for virtual asset service providers (VASPs). The objective of the code is to help “transform Nigeria into the world’s safest and biggest blockchain space with the largest blockchain solutions, investments, and adoption.”

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According to a press statement released by the lobby group, when preparing the code SIBAN had considered the principles and codes that are usually applicable to VASPs such as the Cayman Islands’ Statement of Principles: Conduct of Virtual Asset Services. Also considered were the Global Digital Asset & Cryptocurrency Association’s (Global DCA) Code of Conduct as well as the recently announced guidelines for Nigerian VASPs.

In his remarks to stakeholders, the SIBAN president Senator Ihenyen said:

“As a pro-innovation and pro-regulation association, we must ensure that the market is not only rid of bad actors but also conducive for innovation to thrive and regulation to work. In the SiBAN community, we are more than ever before committed to collaborating with both innovators and regulators, thus ensuring that Nigeria maximizes the immense opportunities this emerging sector has in store for us all.”

The code of conduct, which was initiated by the office of the President of Nigeria, will be applicable to all VASPs both members and non-members of SIBAN, the statement said.

Meanwhile, the head of SIBAN’s membership registration unit, Mosun Omotunde, said the introduction of the code of conduct demonstrated that the lobby group is “for an industry that balances innovation with consumer protection and investor safety.”

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