The Securities and Exchange Commission (SEC) is maintaining its cautious approach to regulating crypto assets, according to its Director, Rev. Daniel Ogbarmey Tetteh.
Speaking on Joy News’ PM Express Business Edition, he revealed that while the SEC has warned the public about the unregulated status of cryptocurrencies in Ghana, it remains open to learning and developing an appropriate 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,” Rev. Tetteh stated, reaffirming the commission’s stance from 2019.
“But I can tell you that even back in the day, we had an open mind. You can’t regulate what you do not understand.”
Rev. Tetteh explained that the SEC has been actively working to build its capacity to understand the evolving crypto space, with the goal of crafting an effective 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 Thursday.
Highlighting the global nature of the challenge, he added, “We belong to IOSCO, the International Organisation of Securities Commissions, which has been providing guidance on the crypto space. It’s an evolving area, and jurisdictions are at different levels of understanding and regulation.”
While some have criticized the perceived slow pace of the SEC in taking a position, Rev. Tetteh defended the commission’s approach, saying, “Getting it right is better than getting it fast. We are on course, and we want to ensure that we have a framework that covers all angles.”
Latest Stories
-
UK-Ghana Chamber of Commerce celebrates Fidelity Bank MD, Julian Opuni
2 minutes -
Ghana braces for Economic Storm as Global Trade Wars Intensify
5 minutes -
African Science Academy graduates 50 STEM girls
5 minutes -
No live ammunition during Ga State festivities – Police cautions
11 minutes -
GIADEC to unlock the full potential of Ghana’s bauxite: A New Era for the Integrated Aluminium Industry
25 minutes -
Ghana secures 0% tariffs for exported goods to China
36 minutes -
Collateral registration hits over 1.4m since its inception in 2010 – BoG
57 minutes -
US to partially evacuate embassy in Iraq as Iran tensions rise
60 minutes -
Dietary Strategies in Management of Chronic Kidney Disease
1 hour -
Societe Generale records 30% year-on-year growth in profit
1 hour -
Ghana ranked 8th among Africa’s top 10 manufacturing countries; 1D1F praised
1 hour -
2026 World Cup: We are 100% confident Ghana will qualify – Bonsu Baah
2 hours -
Springboard Road Show Foundation signs MoU with Youth-Led Organisations to scale Empower360 Impact
2 hours -
Collateral Registry deploys Artificial Intelligence to strengthen system security and efficiency
2 hours -
Vincent Joseph Robert Richter
2 hours