A Code of Conduct for VASPs has been introduced by the Nigerian Blockchain and Crypto Association.

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The Stakeholders in Blockchain Technology Association in Nigeria (SIBAN), a Nigerian blockchain and crypto advocacy group, recently announced the introduction of a code of conduct for Nigerian virtual asset service providers. All Nigerian VASPs are subject to the code of conduct, which was initiated by the office of the President of Nigeria.

The Stakeholders in Blockchain Technology Association in Nigeria (SIBAN), a Nigerian blockchain group, has released a code of conduct for virtual asset service providers (VASPs). The code’s goal is to “help Nigeria become the world’s safest and largest blockchain space, with the largest blockchain solutions, investments, and adoption.”

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, when preparing the code, according to a press statement released by the lobby group. The Global Digital Asset & Cryptocurrency Association’s (Global DCA) Code of Conduct, as well as the recently announced guidelines for Nigerian VASPs, were also taken into consideration.

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.”