Blockchain and Crypto Association in Nigeria Launches Code of Conduct

A group of stakeholders in the blockchain sector in Nigeria has come up with a code of conduct. The said code of conduct is targeted virtual assets and their service providers. The aim of the code of conduct is to transform Nigeria into the safest and largest place with the best blockchain solutions and investments.

Learning from the statement published by the group, it considered a lot of factors while preparing the code. It looked at the principles that are associated with virtual assets such as the Cayman Island Principles. It is also considered the Global Digital Assets and Cryptocurrency Code of Conduct.

The group did not leave behind the latest guideline put in place for Nigerian virtual assets service providers.

Collaboration with Innovators and Regulators

While addressing crypto stakeholders, Senator Ihenyen said that the association has to ensure the market is rid of bad players. The association also needs to ensure that the market is conducive for more innovations to come up and for regulations to have an effect.

He stated further that the crypto stakeholders’ community is ready more than ever to work with regulators and innovators. This will ensure that Nigeria takes advantage of the opportunities the nascent sector has to be explored by all.

The code of conduct was initiated by the Nigerian President’s office. It is designed to be applicable to every virtual asset stakeholder, whether a member of the association or not.

In the meantime, the association’s head in charge of membership registration said that the code of conduct shows balance. Mosun Omotunde further said that introducing the code brings a balance between innovation and consumer protection. 

Further in Uganda

In Uganda on the other hand, the central bank crypto companies can now take part in its sandbox regulation. This came after engaging with the Blockchain Association of Uganda. As a result, the central bank has requested for members of the Association who are interested to familiarize themselves with the Sandbox Regulation.

In a letter to the Association’s Chairman, Kwame Rungunda, the central bank pointed to the discussion between both parties. The bank said the meeting aided its position on the involvement of crypto companies.

In the letter, the bank equally advised the Association Chairman to schedule technical discussion sessions. The Bank of Uganda launched its regulatory sandbox on fintech in June 2021. The bank said it was going to promote innovations in financial service.