SEC to create “Fintech roundtable” to regulate crypto-currency in Ghana

The Securities and Exchange Commission will in the coming months announce an engagement series for sector players in the digital currency space to dialogue on how to regulate the digital coin for transactions in Ghana.

Known as the “Fintech roundtable”, it is expected that the outcome of the engagement will help in formulating policies, rules and regulations for the block chain, which when approved will inject billions of cedis into the Ghanaian economy.

Deputy Director General, Paul Ababio, told Joy Business at the launch of the SEC 10-year Masterplan project that there are various dynamics of the crypto currency space that needs to be dealt with in an orderly manner.

“We will be establishing a “Fintech roundtable’ and invite selected participants. We will also have an engagement session around this and come out with a clear cut policy”, he said.

“We will be able to spell out what the strategy will be, on how to address it. There are various dynamics to the crypto currency occurrence; there’s the actual block chain technology which can be deployed for other purposes and then the monetization of that technology and how it interacts with the real sector”, he further said.

“Obviously, as regulators we have concerns with money laundering, and how that will be dealt with”, he pointed out.

With regards to timelines, Paul Ababio noted that once the working group is formed, it is expected that a time frame will be adopted and implementation will begin as soon as practicable.