The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), led by President Obinna Iwuno, has reaffirmed its commitment to collaborating with the Securities and Exchange Commission (SEC) and other regulatory bodies to create a structured and transparent blockchain ecosystem in Nigeria. This commitment is crucial as the country navigates the complexities and potential of blockchain technology.
SiBAN aims to establish global best practices in the Nigerian blockchain sector, focusing on creating a safe and thriving environment for innovation. As a self-regulatory organization, SiBAN seeks to protect investors and maintain high ethical standards in the industry. This is particularly important in an environment where fraudulent activities have tarnished the reputation of blockchain and cryptocurrency ventures.
One of SiBAN’s primary objectives is to ensure that blockchain projects operate legally and transparently. Under Iwuno’s leadership, the organization is actively working to combat fraudulent schemes and unethical practices that have proliferated in the sector. By collaborating with the SEC, SiBAN aims to promote investor protection, preventing issues such as money laundering and fraudulent token schemes.
The Nigerian blockchain landscape has faced numerous challenges, including unregulated crypto hedge funds and questionable projects like fraudulent meme coins. SiBAN’s proactive measures are designed to filter out these harmful elements, providing a credible space for legitimate innovation to thrive.
Iwuno acknowledges that the path to reform is not without obstacles. Corrupt individuals within the ecosystem have attempted to disrupt SiBAN’s efforts, trying to undermine the current leadership’s initiatives for greater transparency and accountability. Despite these challenges, Iwuno remains resolute, stating that the organization’s various committees are working diligently to implement reforms that align with its mission.
The recent reforms from the federal government have provided a supportive backdrop for SiBAN’s initiatives. With a knowledgeable and crypto-savvy Director-General of the SEC, Dr. Timi Agama, the collaboration between SiBAN and regulatory authorities is gaining momentum. This partnership is expected to boost local innovation, open new revenue channels, and significantly contribute to Nigeria’s GDP.
SiBAN is extending its collaborations beyond the SEC, engaging with the Nigerian Financial Intelligence Unit (NFIU) and the National Information Technology Development Agency (NiTDA). Together, they are working to create a comprehensive regulatory framework that ensures blockchain projects adhere to anti-money laundering (AML) protocols while fostering accountability and innovation.
This framework is vital for establishing a secure environment where blockchain technology can flourish, encouraging both local and international stakeholders to invest in Nigeria’s blockchain sector.
To further promote ethical conduct in the industry, SiBAN has developed a detailed code of conduct for its members. This code serves as a guide for ethical behavior and sets standards for all virtual asset service providers (VASPs) registered with SiBAN. Importantly, it also applies to non-members who choose to adhere to these guidelines, reinforcing a culture of accountability across the industry.
SiBAN’s efforts are geared toward positioning Nigeria as a credible blockchain hub, attracting local and international stakeholders. Iwuno emphasizes the need for Nigeria to set a positive example in the global blockchain community. By adopting global best practices and collaborating with regulators, SiBAN envisions a future where Nigeria stands as a leader in blockchain innovation, akin to India’s success in the tech sector.
The future of blockchain in Nigeria appears promising, as SiBAN continues to focus on trust, transparency, and ethical practices. With Iwuno at the helm, the organization is dedicated to ensuring that Nigeria becomes a leader in blockchain innovation. “Blockchain technology is the future,” Iwuno states, “and we are committed to ensuring Nigeria leads in this field.” Through strategic collaborations and a commitment to best practices, SiBAN is paving the way for a thriving and responsible blockchain ecosystem in Nigeria.
