Nigerian Blockchain and Crypto Association Introduces Code of Ethics for VASP

The Nigerian blockchain and crypto advocacy institution, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) these days announced the advent of a code of conduct for Nigerian virtual assets provider providers.

The code of conduct, which became initiated with the aid of the office of the President of Nigeria, applies to all Nigerian VASPs.

Making the Nigerian Blockchain Industry a Safe Space

The Nigerian blockchain organization, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) has added what it known as a code of behavior for virtual asset service vendors (VASPs). The goal of the code is to assist “rework Nigeria into the sector’s most secure and largest blockchain area with the largest blockchain answers, investments, and adoption.”

According to a press statement launched by means of the foyer organization, when preparing the code SIBAN had considered the principles and codes which 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 lately introduced pointers for Nigerian VASPs.

Collaborating With Both Regulators and Innovators

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

As a pro-innovation and pro-regulation association, we need to make sure that the market is not best rid of terrible actors but additionally conducive for innovation to thrive and law to paintings. In the SiBAN community, we're greater than ever earlier than committed to participating with each innovators and regulators, as a consequence making sure that Nigeria maximizes the big opportunities this rising region has in shop for us all.

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

Meanwhile, the pinnacle of SIBAN’s membership registration unit, Mosun Omotunde, stated the introduction of the code of conduct proven that the foyer institution is “for an industry that balances innovation with purchaser safety and investor protection.”