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Nigeria’s Blockchain Self Regulatory Body SiBAN, Introduces Code Of Conduct

The Blockchain Technology Association of Nigeria (SiBAN) has launched its code of conduct.

The document seeks to strengthen the group’s policy of efficiency, fairness, and transparency.

It also seeks to ensure sanity in the industry and at the same time, support innovation.

The group consisting of stakeholders in the Blockchain and cryptocurrency industry in Nigeria has consistently made a case for the adoption of cryptocurrencies in the country.

SiBAN also serves as a self-regulatory body for the blockchain & crypto industry in Nigeria.

Its new Code of Conduct applies to Virtual Assets Service Providers in Nigeria who are either registered SiBAN members or non-members who voluntarily adopt the Code.

The Code of Conduct, according to SiBAN applies to both registered and non-registered Virtual Assets Service Providers (VASPs) in Nigeria.

The guideline follows the principles and code of conduct generally applicable to Virtual Asset Service Providers (VASPs), SiBAN said.

“Getting this code of conduct has been a desire of this administration and it required vision, human resources, energy, and time. My profound appreciation goes to the members of   the Executive Council, and most especially the honorable members of SIBAN Policy & Regulatory Committee for their immense contribution to this valuable document,” the group said.

Recently, SiBAN said that Nigeria may not get it right with the potential in its digital economy if it does not work on its investment in broadband connectivity across urban and rural areas, investing in its private as well as public digital tech platforms.

This, it said is in addition to formulating policies that will support Nigeria’s digital economy as well as building the capacity of its teeming youth population.

The association recently estimated that about $10 billion is needed to bridge the gap in Nigeria’s digital economy within 15 years.

To SiBAN, Nigeria needs not to ban cryptocurrency but rather, work towards formulating a comprehensive regulatory framework for it.

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