The Stakeholders in Blockchain Association of Nigeria (SiBAN) is pleased to announce its appointment as a member of the Virtual Assets and Virtual Asset Service Providers (VASP) Working Group, established under Nigeria's National Risk Assessment (NRA) on Money Laundering, Terrorist Financing, and Proliferation Financing, coordinated by the Nigeria Financial Intelligence Unit (NFIU).
SiBAN's President, Mela Claude Ake will represent the association in this working group, contributing industry-level perspectives to a structured national exercise designed to assess how the virtual assets sector is exposed to financial crime risks and how effectively those risks are being mitigated across Nigeria.
The NRA is a country-wide initiative bringing together regulators, law enforcement agencies, and industry stakeholders including the SEC, CBN, and trade associations to build a comprehensive, evidence-based picture of the virtual asset landscape. The methodology is based on the World Bank's NRA framework, covering threat assessment, vulnerability analysis, and mitigation measures.
SiBAN's participation shows the association's commitment to responsible industry development and its role as a credible voice for blockchain and digital asset stakeholders in Nigeria's evolving policy and regulatory environment.
A Call for Balanced Regulation and Innovation
In light of this appointment, SiBAN President Mela Claude Ake emphasized the importance of ensuring that national security frameworks do not inadvertently stifle economic growth:
"While I understand the logic behind the AML/CFT policies, it would be re-miss not to adjure the NFIU that this process does not lay an excessive compliance burden on blockchain innovators and small and medium-scale businesses as has been the complaint around the world. De-risking has also been a fall-out of these ambitious compliance drives.
AML/CFT frameworks were largely designed around the drug money flows of the 1980s and 1990s, then expanded reactively after 9/11 for terrorism financing, and have been patched incrementally ever since. The result is a system that is enormously expensive, though largely navigable for sophisticated criminal networks with professional enablers (lawyers, accountants, shell company specialists) but actively prohibitive to the marginal populations - immigrants, small businesses and startups (a category under which blockchain and virtual assets fall)."
We remain dedicated to working alongside the NFIU and other regulatory bodies to ensure that the outcome of this assessment reflects a modern, inclusive, and forward-thinking blockchain ecosystem.
Building a Trusted Digital Frontier for Nigeria
The National Risk Assessment represents a critical step toward establishing Nigeria as a transparent and resilient leader in the global digital economy. By contributing to this VASP Working Group, SiBAN ensures that the unique needs of our industry are heard, fostering a regulatory environment that mitigates risk without stifling the progress of emerging technologies.
Participation in this national exercise reinforces SiBAN’s mission to bridge policy, innovation, and industry practice in a way that promotes market integrity and protects the interests of all participants.
As conversations around Africa’s digital future evolve, we remain steadfast in our commitment to collaboration, education, and inclusivity. We invite industry leaders, developers, and stakeholders to join SiBAN as a member and partner with us in shaping a secure, transparent, and inclusive digital landscape for Nigeria.
Contact us at [email protected] or join our free Telegram Community to collaborate on building a trusted future for Nigeria’s digital economy.
