Nigeria’s Blockchain Technology Association Calls for Regulation of Digital Asset Platforms

The Blockchain Technology Association of Nigeria (SiBAN) has called upon the Federal Government to institute regulations for digital asset platforms, including the prominent Binance exchange. This move is a response to growing concerns surrounding the activities of Binance, the world’s largest cryptocurrency exchange, operating within the country.

SiBAN’s Commitment to Responsible Practices:

In its dedication to promoting responsible practices in the digital asset space, SiBAN has taken a significant step. The association has publicly released its VASP (Virtual Asset Service Provider) code of conduct, which was developed in 2022.

President’s Perspective:

Speaking on behalf of SiBAN, the President, Obinna Iwuno, conveyed the association’s goal of fostering a responsible and ethical local blockchain industry in Nigeria. Iwuno acknowledged the existing compliance within SiBAN and the industry but stressed the importance of broader adherence beyond the association.

Collaboration with the Government:

Iwuno highlighted SiBAN’s commitment to being partners in progress with the government. Through the implementation of their code of conduct, SiBAN aims to communicate their dedication to ethical conduct and professionalism within the virtual assets industry. The association is ready to actively contribute to the growth and regulation of this evolving sector.

Boosting Confidence and Adoption:

The SiBAN president asserted that regulating the sector would enhance the confidence of users, investors, and facilitate the adoption of digital currency within the country. Iwuno expressed both willingness and expectations for regulatory engagement with the Federal Government to discuss the future of the digital asset industry and ensure its integrity.

Step Beyond the Code of Conduct:

While the current code of conduct marks an initial step, Iwuno stressed the necessity for expansion and subsequent legal backing to enforce compliance effectively. The existing code encompasses 16 codes and is applicable to VASPs in Nigeria, whether registered SiBAN members or non-members.

Conclusion:

SiBAN’s call for the regulation of digital asset platforms, including the influential Binance, underscores the association’s commitment to ethical practices within the blockchain industry. As the sector continues to evolve, collaboration between industry stakeholders and the government is crucial to ensuring responsible growth and user confidence in the digital asset landscape.