Blockchain Association, SiBAN Launches Code Of Practice

Blockchain Association, SiBAN Launches Code Of Practice
Blockchain Association, SiBAN Launches Code Of Practice

Blockchain Technology Association of Nigeria (SiBAN) has introduced its Code of Conduct, which amplifies its philosophy of fairness, transparency and efficiency.

The code, which was created, based on global best practices, is in line with SiBAN’s vision “to transform Nigeria into the world’s safest and biggest blockchain space with the largest blockchain solutions, investments, and adoption.”

According to SiBAN President, Senator Ihenyen, in preparing the Code of Conduct, they considered the principles and code of conduct generally applicable to Virtual Asset Service Providers (VASPs).

Such principles are found in the Cayman Islands’ statement of Principles: Conduct of Virtual Asset Services; the Global Digital Asset & Cryptocurrency Association’s (Global DCA) Code of Conduct; and the New Rules on Issuance, Offering Platforms and Custody of Digital Assets issued by the Securities and Exchange Commission (SEC), Nigeria, on May 11, 2022, which, amongst other things, sets out the obligations of VASPs in Nigeria.

Ihenyen noted that as a pro-innovation and pro-regulation association, they must ensure the market is not only rid of bad actors but also conducive for innovation to thrive and regulation to work.

He expressed their commitment to collaborate with both innovators and regulators to maximise the opportunities available in the sector.

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On its application, he explained that the SiBAN Code of Conduct applies to VASPs in Nigeria who are either registered SiBAN members or non-members who voluntarily adopt the Code.

The SiBAN Code of Conduct was initiated by the office of the SiBAN President and comprehensively reviewed by the SiBAN Policy & Regulations Committee headed by John Arinze Okafor.

Some of the members of the Committee include Beverley Agbakoba-Onyejianya (Partner, AOL), Prince Nwafuru (Partner, The Law Suite), Gabriel Eze (Associate, Infusion Lawyers), Jude Ayua (Associate, Infusion Lawyers), Uchechi Ofoegbu (Associate, OAL), and Tega Edema (Lecturer, Admiralty University of Nigeria).

“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,” Okafor said.

Head, SiBAN Membership Registration Unit, Mosun Omotunde, said that code would help demonstrate to players and regulators in the virtual assets industry that SiBAN is for an industry that balances innovation with consumer protection and investor safety.