SiBAN eyes SEC collaboration to promote crypto transparency

The Stakeholders in Blockchain Technology Association of Nigeria is spearheading efforts to combat corruption in Nigeria’s blockchain space.

The association’s President, Obinna Iwuno, reaffirmed the organisation’s commitment to collaboration with regulatory bodies like the Securities and Exchange Commission.

Iwuno told The PUNCH that the partnership aimed to establish a transparent and structured blockchain ecosystem, ensuring the industry operates within legal boundaries and maintains ethical standards.

This commitment comes after the Director General of the SEC, Timi Agama, said during a blockchain conference in Lagos recently that the capital market regulator was working towards making the crypto space safe for investors and, as such, would not bend its regulations to accommodate all players.

The regulator recently offered Busha Digital Limited and Quidax Technologies Limited, licenses under the Accelerated Regulatory Incubation Programme.

Currently, about 50 crypto operators are jostling for the same operational licences from the SEC.

 The president of the self-regulatory body stressed the importance of cooperation with regulators to ensure transparency and security in Nigeria’s blockchain ecosystem.

According to Iwuno, SiBAN’s proactive approach includes filtering out unscrupulous projects, fraudulent schemes, and unlicensed operators that have tainted the industry’s reputation.

 “Blockchain technology has the potential to revolutionise 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,” he added.

The organisation has established a code of conduct for virtual asset service providers and members, promoting ethical conduct and standards within the industry.

According to Iwuno, 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 is crucial that we set the right example. By embracing global best practices and working with regulators, we can build a blockchain ecosystem in the country 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 emphasised.