The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), led by President Obinna Iwuno, has reiterated its commitment to collaborating with regulatory bodies such as the Securities and Exchange Commission (SEC) and other relevant agencies. This partnership aims to build a structured and transparent blockchain ecosystem in Nigeria.
As a self-regulatory organization, SiBAN is focused on adopting global best practices to foster a secure environment for blockchain technology. The organization is dedicated to protecting investors, promoting ethical standards, and driving the industry towards responsible innovation.
Iwuno and his team have played a key role in SiBAN’s mission to clean up and legitimize the blockchain space. Their work with authorities like the SEC underscores SiBAN’s commitment to upholding legal and ethical standards while combating fraudulent schemes and ensuring investor protection.
SiBAN’s engagement with regulatory bodies is designed to ensure that blockchain projects in Nigeria comply with legal requirements, prevent fraud, and adhere to anti-money laundering and counter-terrorism financing regulations. This proactive stance aims to filter out fraudulent elements and improve the credibility of the industry.
Despite facing opposition from individuals involved in fraudulent activities, Iwuno remains steadfast in his mission. He stated that corrupt elements are attempting to hinder SiBAN’s efforts to implement reforms and maintain organizational transparency, which is crucial for the blockchain sector.
SiBAN is leveraging federal reforms and collaborating with the SEC’s new Director-General, Dr. Timi Agama, to support Nigerian startups, enhance local innovation, and boost the economy. The organization is also working with the Nigerian Financial Intelligence Unit (NFIU) and the National Information Technology Development Agency (NiTDA) to develop a comprehensive regulatory framework.
SiBAN has established a detailed code of conduct for virtual asset service providers (VASPs) and members. This code is designed to guide ethical conduct and set industry standards, applying to both registered and non-member VASPs who have agreed to its provisions.