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.

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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Key figures within the blockchain and fintech realm are urging the Federal Government to expedite the implementation of policies that would encourage the widespread incorporation of blockchain technology across the nation.

This call was made during a recent Stakeholders’ Policy Dialogue event held in Lagos by the National Information Technology Development Agency (NITDA) and the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN).

The participants emphasized the importance of establishing a forward-looking regulatory framework aimed at accelerating the integration of blockchain technology into various sectors of the economy.

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This initiative aligns with the National Blockchain Policy signed by former President Muhammadu Buhari.

SIBAN President, Obinna Iwuno stated that Nigeria is fully prepared for the comprehensive adoption of blockchain technology. “This gathering marks the first time we’ve seen a complete assembly of industry stakeholders, regulators, and operators.

“We are poised for full adoption now, and the blockchain policy set forth by the government positions Nigeria as a trailblazer in the continent’s digital economic landscape when fully realized,”

Iwuno remarked.Iwuno underscored blockchain’s potential to bridge gaps and synchronize with global advancements, particularly within the ongoing fourth industrial revolution.

Kashifu Abdullahi, Director General of NITDA, emphasized the expansive potential of blockchain technology. He highlighted how it could fuel economic growth, facilitate job creation, and address the persistent challenge of financial inclusion.

Abdullahi noted that given the technological strides propelling leading nations today, the aspiration to position Nigeria as a robust contender on the global stage carries significant resonance.

Abdullahi emphasized that the journey toward integrating blockchain technology into Nigeria’s mainstream isn’t just a governmental endeavor but a collaborative one driven by the shared determination of stakeholders to establish Nigeria as a frontrunner on the global arena.

Preye Itonyo, Deputy Director of the Digital Economy Development Department at NITDA, also pointed out the collaborative effort between industry stakeholders and the government to transform Nigeria into a prominent global hub for blockchain.

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