SiBAN's Strategic Collaboration with SEC for Blockchain Regulation in Nigeria

SiBAN's Role in Blockchain Regulation

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 is a self-regulatory organization 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.

Commitment to Ethical Standards

Iwuno, along with his team, has 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.

Addressing Industry Challenges

• Preventing fraudulent schemes
• Ensuring anti-money laundering compliance
• Promoting investor protection

The Nigerian blockchain sector has faced issues with unscrupulous projects that threaten its credibility. SiBAN's proactive measures aim to eliminate these undesirable elements to foster a healthier environment for innovation.

President Iwuno has acknowledged resistance from corrupt elements within the organization but remains steadfast in implementing reforms aimed at achieving transparency, which is essential for the blockchain ideology.

Supporting Local Innovation

Backed by federal reforms and engaging with the SEC, SiBAN aims to support homegrown Nigerian startups to enhance local innovation, increase capacity, and contribute positively to Nigeria's GDP.