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.”