The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), under the leadership of its President, Obinna Iwuno, has reaffirmed its dedication to working closely with regulatory bodies such as the Securities and Exchange Commission (SEC) and other relevant agencies to establish a structured and transparent blockchain ecosystem in Nigeria.
SiBAN as a self regulatory organization is making significant strides in fostering global best practices, aiming to create a safe and thriving environment for blockchain technology to grow while protecting investors and ensuring that the industry upholds ethical standards.
Iwuno, along with his team, have been instrumental in driving SiBAN’s vision to sanitize and legitimize the blockchain space. Their collaboration with authorities like the SEC demonstrates SiBAN’s commitment to responsible innovation and self-regulation.
SiBAN’s engagement with SEC and other regulatory agencies is aimed at ensuring that blockchain projects in Nigeria operate within the law, preventing fraudulent schemes, anti-money laundering, terrorism financing and promoting investor protection.
The Nigerian blockchain sector has been plagued by unscrupulous projects, fraudulent meme coins such as Mymom token, unlicensed and unregulated crypto hedge fund operators and others who have tarnished the industry’s reputation. SiBAN’s proactive approach is centered on filtering out these undesirable elements to provide a healthier and more credible space for innovation to thrive and Iwuno’s continued battle against corruption has certainly ruffled some feathers with certain individuals involved in these fraudulent schemes working hard to unseat him and other executives.
Iwuno however continues to forge ahead undeterred saying; ‘corrupt and unfriendly elements within the organisation are hell bent on stopping the current SIBAN leadership from implementing certain reforms while trying to distract the leadership from towing paths that will enable organisational transparency which is the main bedrock of the idea behind blockchain. However, our various committees set up to reform and strengthen SiBAN are actively working in line with this goal’.
Riding on the reforms made possible by the federal government that enabled the Nigerian blockchain market with a cryptocurrency and digital asset savvy DG in the person of Dr Timi Agama the substantive DG of the SEC, the executive team at SIBAN in collaboration with reputable ecosystem partners will continue to bolster home grown Nigerian startups to boost local innovation, increase human capacity, open new revenue channels, scale up existing ones and top up Nigeria’s GDP.
“Blockchain technology has the potential to revolutionize various sectors, but we cannot allow it to become a breeding ground for unethical practices. We are dedicated to ensuring that blockchain in Nigeria is transparent, secure, and held to the highest standards. This is why cooperation with regulators is critical” Iwuno added.
SiBAN has also extended its collaboration beyond the SEC to include the Nigerian Financial Intelligence Unit (NFIU) and the National Information Technology Development Agency (NiTDA), working towards creating a comprehensive regulatory framework. These collaborations aim to ensure that blockchain projects in Nigeria operate transparently, adhere to anti-money laundering (AML) protocols, and foster innovation while maintaining accountability as well as lead to a speedy issuance of more licences to existing Digital Asset Exchanges and a flourishing regulated crypto market that will contribute to our national economy.
SiBAN as a self regulatory organisation already established a detailed code of conduct for virtual asset service providers and members of SIBAN as a guide to ethical conduct and standard within the industry. The code applies to all virtual asset service providers (VASPs) in Nigeria who are registered members of SiBAN. Similarly, it applies to non-members who have signed the Code of Conduct to demonstrate their adherence to the provisions of the Code.
With SiBAN’s concerted efforts, local and international stakeholders will see Nigeria as a credible and trustworthy blockchain hub. “The global blockchain community is watching us, and it’s crucial that we set the right example. By embracing global best practices and working with regulators, we can build a blockchain ecosystem in the county that is both innovative and secure, thus making Nigeria the largest blockchain hub and market globally, and the biggest global exporter of blockchain skills and solutions just like India has done with tech” Iwuno emphasized.
With the current leadership’s focus on enforcing global best practices and maintaining ethical integrity, the future of blockchain in Nigeria looks promising, “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 achieve that goal and ensure that Nigeria becomes a leader in blockchain innovation” Iwuno added.