SiBAN Strengthens Collaboration With SEC And Partners To Regulate Nigeria’s Blockchain Industry

SiBAN Strengthens Collaboration With SEC And Partners To Regulate Nigeria’s Blockchain Industry

The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), led by President Obinna Iwuno, has reaffirmed its commitment to collaborating with regulatory bodies such as the Securities and Exchange Commission (SEC) and other relevant agencies to create a well-regulated and transparent blockchain ecosystem in Nigeria.

As a self-regulatory organization, SiBAN is making significant progress in promoting global best practices within the blockchain space. Their efforts aim to ensure a secure and thriving environment for blockchain technology, protecting investors and upholding ethical standards in the industry.

Under Iwuno’s leadership, SiBAN has been at the forefront of initiatives to legitimize and sanitize the blockchain sector. Their collaboration with the SEC showcases SiBAN’s dedication to responsible innovation and maintaining industry self-regulation. The association’s work with SEC and other agencies is geared toward ensuring that blockchain projects comply with legal frameworks, combat fraudulent schemes, prevent money laundering, and enhance investor protection.

Nigeria’s blockchain industry has faced challenges with fraudulent projects, such as unregulated crypto hedge funds and meme coins like Mymom token, which have harmed the sector’s reputation. SiBAN’s proactive efforts aim to remove these bad actors, fostering a credible environment for innovation. Iwuno’s ongoing fight against corruption within the space has encountered resistance, with some individuals involved in these schemes attempting to undermine SiBAN’s leadership.

Despite these obstacles, Iwuno remains determined. He stated, “Corrupt and unfriendly elements within the organization are trying to derail our leadership from implementing reforms that promote transparency, the very foundation of blockchain technology. However, our committees are actively working to achieve these goals.”

Leveraging government reforms that support the blockchain market, SiBAN, in collaboration with the SEC, led by Dr. Timi Agama, is pushing for increased support for Nigerian startups. The association seeks to boost local innovation, increase human capacity, and contribute to Nigeria’s GDP by scaling up revenue channels and opening new ones.

“Blockchain technology has the potential to revolutionize various sectors, but we must prevent it from becoming a breeding ground for unethical practices. That’s why our cooperation with regulators is crucial,” Iwuno emphasized.

SiBAN has also extended its collaboration to include the Nigerian Financial Intelligence Unit (NFIU) and the National Information Technology Development Agency (NiTDA). Together, they are working on a comprehensive regulatory framework to ensure transparency and accountability while promoting innovation in the blockchain sector. SiBAN’s efforts will help create a regulated crypto market that contributes to Nigeria’s economy.

As a self-regulatory organization, SiBAN has already implemented a detailed code of conduct for virtual asset service providers (VASPs) in Nigeria, which serves as a guide for ethical behavior and standards within the industry. The code applies to both registered members of SiBAN and non-members who agree to its provisions.

With SiBAN’s ongoing efforts, both local and international stakeholders will view Nigeria as a credible and trustworthy hub for blockchain technology. Iwuno emphasized, “The global blockchain community is watching us. It’s essential that we set the right example by embracing global best practices and working with regulators. This will enable Nigeria to become the largest blockchain hub and exporter of blockchain skills and solutions, similar to what India has done with tech.”

Under its current leadership, SiBAN’s focus on global best practices and ethical integrity bodes well for the future of blockchain in Nigeria. “Blockchain technology is the future, but we must build that future on a foundation of trust, transparency, and best practices. We are committed to working with all relevant authorities to make Nigeria a leader in blockchain innovation,” Iwuno added.