The Securities and Exchange Commission (SEC) is taking a cautious approach to regulating crypto assets in Ghana.
According to the Director of SEC, Rev. Daniel Ogbarmey Tetteh, although the commission has cautioned the public about the lack of regulation for cryptocurrencies in Ghana, it is committed to learning and creating a suitable regulatory framework.
“We issued a caution statement to the market that crypto assets are not regulated by the SEC, and if you dabble in it, you are basically on your own. But I can tell you that we had an open mind even back in the day. You can’t regulate what you do not understand,” Rev. Tetteh stated, reaffirming the commission’s stance from 2019.
Addressing criticism about the SEC’s perceived slow progress, Rev. Tetteh defended the commission’s approach by stating, “Our priority is to get it right rather than to rush. We are diligently working to ensure our regulatory framework is comprehensive and addresses all aspects of the crypto market.”
Rev. Tetteh explained that the commission is actively improving its expertise to keep up with the evolving crypto landscape and aims to develop a robust regulatory framework.
“We set up an innovation team and have been engaging with various stakeholders, including virtual asset service providers (VASPs), to shore up our understanding,” he said on September 12.
Rev. Tetteh emphasized the global scope of the challenge, noting, “As members of IOSCO, the International Organization of Securities Commissions, we benefit from their guidance on the evolving crypto landscape. Different jurisdictions are at various stages of understanding and regulation.”