The Blockchain Stakeholders Association of Nigeria (SiBAN) is enacting unified rules approved by the President’s Office.
Code of Conduct for Virtual Asset Service Providers (VASP) distributed by to all Nigerian virtual asset service providers who are registered members of SiBAN or voluntarily accept its requirements.
The document introduces provisions that define the norms of behavior for participants in the cryptocurrency market providing services for the purchase, transfer or exchange between virtual assets and fiat currencies. The document enshrines the obligation to protect personal data, separate the assets of clients and companies, help identify and solve financial crimes, and prevent conflicts of interest.
The VASP Code does not replace laws or regulations that may be enacted in the future or that apply to VASPs in Nigeria, its authors stipulate.
“The Code has been prepared on the basis of the best world practices in accordance with SiBAN’s philosophy of a fair, transparent and efficient virtual asset sector. It is in line with our vision to turn Nigeria into the world’s most secure blockchain space with major solutions and investments,” announced SiBAN President Senator Ihenyen.
The position of the head of the association was supported by the head of the SIBAN registration department, Mosun Omotunde, who said that the introduction and adoption of the VASP code of conduct demonstrates the intention of the country’s crypto community “to build an industry that combines innovation with consumer protection and investor safety.”
Earlier, Nigerian presidential candidate Bukola Saraki said he would support the digital currency industry, which creates new opportunities for the country’s younger generation of citizens.
Source: Bits
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