The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has reaffirmed its commitment to advancing a collaborative, innovation-friendly regulatory environment for Nigeria’s digital asset ecosystem.

During a panel session at the Nigeria Blockchain and AI Week 2025, part of the Nigeria Fintech Week at the Landmark Event Centre, Lagos, Mr. Obinna Iwuno, President of SiBAN, issued a strong call for co-creation between regulators and industry operators in shaping the future of digital asset policy and governance in Nigeria.

A Call for Collaborative Regulation

Mr. Iwuno emphasized that effective, future-proof policies must be developed in partnership with those who understand the day-to-day realities of the industry. He noted that without such collaboration, regulatory frameworks risk stifling innovation and slowing Nigeria’s progress in the global digital economy.

“Why do you keep making laws for us that you expect us to comply with without our involvement, especially when you are not the practitioner, not an operator, and do not know what our pain points are?”
Obinna Iwuno, President, SiBAN

Highlighting the gap between regulatory design and operational realities, Mr. Iwuno pointed to issues such as restricted access to financial services, fragmented legislation, and the risk of extended sandbox timelines that limit startups’ ability to test their products and operate effectively.

He commended the Securities and Exchange Commission (SEC) for establishing a regulatory sandbox (ARIP) and also the ISA 2025, but noted that a sandbox without full operational access, particularly to banking services, undermines its purpose.

“If we do not have access to bank accounts, how can we fully test this regulatory incubation program?” he asked.

Addressing Policy Gaps and Premature Taxation

The SiBAN President also expressed concern over fragmented legislation, where new tax laws and asset classifications are introduced without a prior comprehensive regulatory framework, implementation process or full operational licenses.

He described the classification of all digital assets as securities as inadequate and restrictive, underscoring the need for deeper understanding and constructive dialogue between regulators and operators.

“Taxation is a civic responsibility, but a premature and overly broad tax regime, one that potentially includes airdrops and other non-capital-gain activities, could be punitive,” he stated.
“We need tax policies that are practical, fair, and developed in partnership with the industry.”

Championing Responsible Self-Regulation

Mr. Iwuno reiterated that self-regulation has been instrumental in the growth of Nigeria’s blockchain ecosystem, with SiBAN leading the charge in promoting compliance, accountability, and ethical conduct.

He revealed that SiBAN has developed a Code of Ethics and Best Practice Framework for its members, tailored specifically for Nigeria’s evolving digital economy. The framework mandates:

• Mandatory KYC (Know Your Customer) for all users.
• A minimum of two compliance officers per member company for AML/CFT/CPF oversight.
• Strict adherence to corporate governance, internal auditing, and data protection standards.
• Asset segregation, ensuring complete separation of user and company funds to safeguard investor trust and prevent collapses like FTX.

SiBAN Members Take the Spotlight

SiBAN was fully represented at the Nigeria Blockchain and AI Week, with several members serving on key panel discussions throughout the event.

The panel session spotlighted the strength and diversity of the SiBAN community, featuring several of its distinguished corporate members who are actively shaping Nigeria’s digital asset landscape.

Among them were Vivian Mbene, Chief Operating Officer of Breet who joined other panelists on the topic “Who Owns Your Data?Privacy and Ownership in the Age of Ai and Blockchain; Cyprian Obi, Chief Executive Officer of ZoneX Technologies who like other panelists spoke on Stablecoins & CBDCs Reimagining Currency. Trade & Cross Border Payments in Africa; Oluwaseun Adeyanju, CEO, Mariblock who spoke with other panelists on Education & Talent Development Building a Skilled Workforce for the Digital Economy; Oluwaseun Ajamah, Legal and Compliance Officer at Prestmit and Israel Ololade, Chief Product Officer at Roqqu. They both spoke on the Importance of Creating a Safe, Scalable Regulatory Framework for Blockchain, Al and Digital Assets in Nigeria; all proud members of SiBAN.

Their participation on this national stage underscored SiBAN’s growing reputation not just as an industry advocate, but as a platform that empowers its members to lead conversations, influence policy, and showcase innovation at the highest levels. Each representative brought forward practical perspectives from the operator side of the ecosystem ranging from compliance and user protection to innovation and infrastructure demonstrating the real-world expertise SiBAN members contribute to the industry’s advancement.

This representation reflects one of SiBAN’s most important commitments: amplifying the voices of its members. By ensuring that blockchain operators, innovators, and startups from its network are included in policy discussions and national dialogues, SiBAN continues to bridge the gap between regulation and innovation.

Every SiBAN partnership is designed to empower our members giving them access, visibility, and platforms to contribute to shaping the future of blockchain in Nigeria.

Towards a Unified Regulatory Future

In closing, Mr. Iwuno emphasized that Nigeria’s digital asset ecosystem can only thrive through unified and transparent regulation one built on trust, dialogue, and shared purpose.

“If we get that audience from the regulator, we can find a pathway that makes it easy for this country and ecosystem to innovate and thrive,” he said.

As the global blockchain and AI landscape continues to evolve, SiBAN remains steadfast in its mission to bridge the gap between innovation and regulation ensuring that Nigeria not only participates but leads in the next wave of digital transformation.

Become a part of SiBAN

SiBAN advocates for ethical practice, consumer protection, and innovation-friendly regulation, fostering a safe and inclusive environment for blockchain adoption across Nigeria and Africa. To be part of our association, send us a mail at membership@siban.org and join our free telegram community.