Fun

Nigerian Blockchain and Crypto Association Introduces a Code of Conduct for VASPs

News Feed - 2022-06-06 05:06:11

Nigerian Blockchain and Crypto Association Introduces a Code of Conduct for VASPs


The Nigerian blockchain and crypto advocacy group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) recently announced the introduction of a code of conduct for Nigerian virtual assets service providers. The code of conduct, which was initiated by the office of the President of Nigeria, applies to all Nigerian VASPs. Making the Nigerian Blockchain Industry a Safe Space


The Nigerian blockchain group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) has introduced what it called a code of conduct for virtual asset service providers (VASPs). The objective of the code is to help “transform Nigeria into the world’s safest and biggest blockchain space with the largest blockchain solutions, investments, and adoption.”


According to a press statement released by the lobby group, when preparing the code 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. Also considered were the Global Digital Asset & Cryptocurrency Association’s (Global DCA) Code of Conduct as well as the recently announced guidelines for Nigerian VASPs. Collaborating With Both Regulators and Innovators


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.” Tags in this story Blockchain, code of conduct, consumer protection, investor safety, Mosun Omotunde, Regulation, Senator Ihenyen, Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), virtual asset service providers (VASPs)


What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. SEC Launches Game-Show Campaign to Educate Investors in "a Playful Way" – Crypto Included REGULATION | 9 hours ago Uganda Central Bank Says It Is Open to Crypto Firms Participating in Regulatory Sandbox REGULATION | 11 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitfarms Worried About The Fall In Bitcoin Prices Amidst Its Investment Plan in Latam Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Study: 55% of Americans Believe They Will Lose It All if a Recession Hits the United States
Study: 55% of Americans Believe They Will Lose It All if a Recession Hits the United States According to a recent study by Clever, a real estate data company, nearly three out of f
Stablecoin Economy Sheds Another $3 Billion in 44 Days
Stablecoin Economy Sheds Another $3 Billion in 44 Days The stablecoin economy continues to deplete as more than $3 billion has been erased from the stablecoin market ecosystem over
Abkhazia Holds Talks With Russia to Ensure Electricity Supply for Crypto Miners
Abkhazia Holds Talks With Russia to Ensure Electricity Supply for Crypto Miners The government of Abkhazia is negotiating with Russia to solve a problem that led
Tesla CEO Elon Musk Opposes Governments Regulating Crypto, Says They Should ‘Do Nothing’
Tesla CEO Elon Musk Opposes Governments Regulating Crypto, Says They Should "Do Nothing" Tesla CEO Elon Musk thinks governments should not try to regulate cryptocurrency. “I
Crypto Economy’s Top Privacy Coins Take a Hit After US Government Banned Tornado Cash
Crypto Economy"s Top Privacy Coins Take a Hit After US Government Banned Tornado Cash Following the U.S. government prohibiting the use of the ethereum mixing service Tornado Cash,
XRP Price Still On Track For $1.5T Market Cap And 27% Crypto Market Dominance
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
$24M CryptoPunk sale shows either ‘NFTs are over’ or ‘this is the bottom’
Ezra Reguerra13 hours ago$24M CryptoPunk sale shows either ‘NFTs are over’ or ‘this is the bottom’SideShift.ai CEO Andreas Brekken believes CryptoPunk #5822 was “most definitely” sold at a loss and that NFTs
Nigerian Experts Insist Africa’s First CBDC Is Presently Not for the Unbanked
Nigerian Experts Insist Africa"s First CBDC Is Presently Not for the Unbanked While the Central Bank of Nigeria (CBN) continues to tout the e-naira’s credentials as a tool f
Trump weighing Bitcoin hater Jamie Dimon for US Treasury
Tristan Greene7 hours agoTrump weighing Bitcoin hater Jamie Dimon for US TreasuryThe former president could reveal more details at the Bitcoin Conference in Nashville from July 25 through 27.3465 Total views20 Total shar
If Dogecoin Breaks Above Key Resistance ‘We Could See A 25% Rally’ – Top Analyst
Este artículo también está disponible en español. Dogecoin (DOGE) has been trading below a key resistance level at $0.143 since October 19, and anticipation is building a
Nigerian SEC announces new rules, compliance program for digital assets
Amaka Nwaokocha9 hours agoNigerian SEC announces new rules, compliance program for digital assetsWhile this application process is intended to improve compliance, VASPs are directed to complete it no later than 30 days f
Ethereum Pain Is Far From Over: Why A Massive Drop To $1,400 Could Rock The Underperformer
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu