Efforts to Combat Corruption in Nigeria’s Blockchain Space Strengthened by Stakeholders Association

Collaboration with Regulatory Bodies

Emphasis on Transparency and Ethical Standards

A significant push to combat corruption within Nigeria’s blockchain industry is being led by the Stakeholders in Blockchain Technology Association of Nigeria. The association’s President, Obinna Iwuno, has reaffirmed the organization’s dedication to partnering with regulatory bodies such as the Securities and Exchange Commission to establish a transparent and structured blockchain ecosystem. The goal is to ensure that the industry operates within legal boundaries and maintains high ethical standards.

Regulatory Involvement and Partnerships

SEC’s Commitment to Safety in the Crypto Space

The commitment to combating corruption in the blockchain space comes in the wake of statements made by the Director General of the SEC, Timi Agama, during a recent blockchain conference in Lagos. Agama highlighted the SEC’s efforts to make the crypto space safer for investors, indicating that regulations would not be compromised to accommodate all industry players. As part of this commitment, the regulator has granted licenses to Busha Digital Limited and Quidax Technologies Limited under the Accelerated Regulatory Incubation Programme, with 50 other crypto operators vying for similar licenses.

Importance of Cooperation for Transparency

SiBAN’s Role in Promoting Ethical Practices

The President of the self-regulatory body stressed the necessity of cooperation with regulators to ensure transparency and security in Nigeria’s blockchain ecosystem. SiBAN’s proactive approach involves filtering out fraudulent projects, schemes, and unlicensed operators that have tarnished the industry’s reputation. The organization has implemented a code of conduct for virtual asset service providers and members, promoting ethical conduct and standards within the industry.

Building Credibility in the Global Blockchain Community

Setting Standards for Innovation and Security

By working closely with regulators and embracing global best practices, SiBAN aims to establish Nigeria as a credible and trustworthy blockchain hub. The organization’s efforts seek to position Nigeria as the largest blockchain market globally and a leading exporter of blockchain skills and solutions, drawing parallels to India’s success in the tech industry. With a focus on innovation and security, the goal is to create a robust blockchain ecosystem that sets a precedent for the global community.