Blockchain Association Urges FG to Regulate Digital Asset Platforms
The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has called on the Federal Government to regulate digital asset platforms, including the world’s largest cryptocurrency exchange, Binance, operating within the country.
Responding to recent concerns regarding Binance’s activities, SiBAN, committed to fostering responsible practices, has made its VASP (Virtual Asset Service Providers) code of conduct, established in 2022, publicly accessible.
President Obinna Iwuno highlighted the initiative’s aim to establish a responsible and ethical local blockchain industry, emphasizing compliance beyond SiBAN for broader industry impact.
“We believe in being partners in progress with the government. Through the implementation of our code of conduct, we aim to send a clear message about our commitment to ethical conduct and professionalism,” said Iwuno.
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Acknowledging existing compliance within SiBAN and the industry, he stressed the need for regulatory engagement with the Federal Government to boost confidence, investments, and digital currency adoption in Nigeria.
Iwuno expressed the code of conduct as an initial step, calling for expansion and legal backing for enforcement. The 16-code conduct applies to registered SiBAN members and non-members who are VASPs in Nigeria.
“We expect the regulators to invite us for a discussion on the way forward to sanitize the digital asset industry. If we had this law in place, it would have been much easier to deal with players who violate the laws,” added Iwuno.
In a recent development, two Binance executives were detained in Abuja during negotiations with Nigerian authorities.
The Presidency accused Binance and other crypto firms of facilitating illegal activities, contributing to the naira’s depreciation.
Despite the Securities and Exchange Commission’s outlawing of Binance Nigeria Limited in September 2023, the platform continued operations, drawing substantial patronage, especially from youths, suspected speculators, and money launderers.
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