Introducing SiBAN Code of Conduct for Virtual Assets Service Providers in Nigeria

SiBAN Code of conduct For VASPs in Nigeria

Today we are happy to introduce to the SiBAN community, the entire blockchain community, as well as the members of the public the SiBAN Code of Conduct for Virtual Assets Service Providers in Nigeria.

The SiBAN Code of Conduct has been prepared based on global best practices consistent with SiBAN’s philosophy of a virtual assets sector that is fair, transparent, and efficient. This is in line with our vision “to transform Nigeria into the world’s safest and biggest blockchain space with the largest blockchain solutions, investments, and adoption”.

In preparing this Code of Conduct, we considered the principles and code of conducts generally applicable to virtual asset service providers (VASPs) as follows:

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

In the words of the SiBAN President, Senator Ihenyen: “In my capacity as SiBAN President and the head of the Executive Council, I’m happy and proud to introduce the SiBAN Code of Conduct to you all. 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 SiBAN Code of Conduct applies to virtual assets service providers (VASPs) in Nigeria who are either registered SiBAN members or nonmembers 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 Onyejianya-Agbakoba (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). According to Mr. Okafor, the SiBAN Policy & Regulations Committee, “Getting this Code of Conduct for our dear organization SIBAN has been a desire of this administration headed by our dear president, Barr. Senator Ihenyen. Producing the Code of Conduct document required vision, human resource, 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.”

Mosun Omotunde, Head of SiBAN Membership Registration Unit, delighted with the development, said that “The SiBAN community has continued to grow in membership over the years. I believe that this Code of Conduct will help us further demonstrate to both players and regulators in the virtual assets industry that SiBAN is for an industry that balances innovation with consumer protection and investor safety. Everyone is welcome on board!”.

First presented on 1 June 2022 by the SiBAN President to both individual and corporate members of SiBAN in the SiBAN community, the SiBAN Code of Conduct has 16 codes contained in 11 pages. A copy is available here for download.

To become a member of SiBAN and contribute to the vision and mission, please use this link.

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