The Securities and Exchange Commission (SEC) has warned celebrities and social media influencers against promoting cryptocurrencies and other virtual assets without proper authorisation.

This comes as the country prepares to enforce its newly passed Virtual Asset Service Providers (VASP) law.

The legislation, currently awaiting presidential assent, seeks to regulate cryptocurrency and virtual asset activities while strengthening anti-money-laundering and counterterrorism financing measures in Ghana’s rapidly growing digital finance sector.

Speaking at the maiden National Virtual Asset Literacy Programme for Virtual Asset Market Operators, Mensah Thompson, Deputy Director-General of the SEC in charge of Finance, stressed that the virtual asset ecosystem is highly volatile and requires strict regulatory oversight, particularly in advertising, promotion, and advocacy.

“We all know how volatile the virtual asset space is. And that’s why specific rules have been designed to guide advertisement, promotion, and advocacy. And so influencers who want to work in this space, please be reminded that there are rules concerning advocacy and influencing in the virtual asset space,” he said.

Mr Thompson warned that violations of these rules will attract sanctions. He urged influencers to familiarise themselves with the regulatory framework before operating in the sector.

“And only licenced and authorised persons will be allowed to engage in advocacy, advertisement, or promotion in the virtual asset space. And there are consequences for this breach.

"And so we want to send this message to you, that if you want to work in that space as an influencer, take steps to contact the SEC and the Bank of Ghana for the rules that guide that,” he added.

The SEC says enforcing the VASP law will protect investors, enhance market integrity, and ensure responsible participation in Ghana’s digital asset market, sending a clear message that promotion of virtual assets without authorisation will no longer be tolerated.