New Code of Conduct for crypto service providers in Nigeria

What 

The Stakeholders in Blockchain Technology Association in Nigeria (SIBAN), a blockchain and crypto advocacy group, has released a Code of Conduct for services providers in the Nigerian cryptocurrency space. Adherence to the guidelines are on a voluntary basis and not enforced by law

Why 

The Code of Conduct, initiated by the Nigerian presidency and compiled by SIBAN, aims to create a healthy crypto environment in Nigeria for all stakeholders 

What next 

Members and non-members of SIBAN can sign the document to show their support and adherence to these guidelines 

The story 

The Code of Conduct contains 16 codes that call for a transparent, fair and compliant cryptocurrency industry. 

“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,” said SIBAN president Senator Ihenyen. “We are more than ever before committed to collaborating with both innovators and regulators, thus ensuring that Nigeria maximises the immense opportunities this emerging sector has in store for us all.”

While the document doesn’t serve as statutory law, services providers that contravene these principles may face expulsion from SIBAN, along with other possible charges related to breaking the law. 

“We believe that self-regulation is vital in ensuring a fair, efficient, and transparent virtual assets sector in Nigeria, and hope that virtual asset service providers (VASPs) that operate in the Nigeria market, as well as relevant regulators, will support our self-regulatory Initiative,” said Ihenyen.