Giovanni Russo The securities regulatory authority in Ghana has taken a significant step by forming a specialized task force. This initiative is aimed at enhancing the regulator’s ability to effectively supervise and manage cryptocurrency assets. This move comes in response to the growing involvement of Ghanaian residents in cryptocurrency trading and investment, prompting the regulator to consider strategies for safeguarding the interests of these crypto users.
Enhancing Confidence in Crypto Asset Management
Daniel Ogbamey-Tetteh, the Director General of Ghana’s Securities and Exchange Commission, has announced the formation of a dedicated task force. This task force is part of the commission’s strategy to strengthen its oversight capabilities in the realm of cryptocurrency assets. This development aligns with the guidelines of the International Organization of Securities Commissions (IOSCO), which urges its member bodies to implement measures for the protection of digital asset consumers.
Ogbamey-Tetteh disclosed this information during a ceremony commemorating the 25th anniversary of the commission. As reported by BFT Online, the Ghanaian regulatory body is also focused on enhancing the trust of capital and crypto asset owners in its capabilities.
Previously, the SEC’s deputy director general had cautioned Ghanaians against engaging in cryptocurrency transactions, citing the absence of regulatory oversight by the commission. Despite this warning, the continued participation of residents in cryptocurrency dealings has led the regulator to devise strategies aimed at protecting them.
Prioritizing Digitalization and Human Capital Development
To this end, the Director General has emphasized the SEC’s commitment to developing its human resources and advancing its digitalization efforts. He elaborated:
“Our focus is on enhancing the human capital of the SEC and advancing our digitalization initiatives. We are transitioning towards a Risk-Based Supervision framework, moving away from the traditional compliance-based supervision approach.”
Ogbamey-Tetteh further explained that the pursuit of regulatory technology (regtech) and supervisory technology (suptech) solutions by the organization is an effort to balance the promotion of financial innovation with the need to maintain market integrity and stability.
African Crypto Newsletter Subscription
Receive a weekly African news update directly in your inbox by registering your email here:
Get the latest updates on African crypto news delivered straight to your inbox.
Sign Up
Share your views and thoughts on this story in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Ghana Crypto Regulation
What has Ghana’s Securities Regulator done to regulate crypto assets?
The Ghanaian Securities and Exchange Commission has established a task force aimed at boosting its capacity to oversee and regulate crypto assets. This move is in response to the continued investment and trading in cryptocurrencies by Ghanaian residents, necessitating the development of protective measures for crypto users.
Why did the Ghanaian SEC form a task force for crypto asset regulation?
The task force was formed to enhance the Ghanaian SEC’s ability to manage and supervise cryptocurrency transactions. It aligns with the International Organization of Securities Commissions’ (IOSCO) directive for member bodies to safeguard digital asset consumers.
What are the goals of the Ghanaian SEC’s digitalization program?
The SEC’s digitalization program prioritizes the development of human capital and the implementation of a Risk-Based Supervision framework. This transition from compliance-based supervision is part of an effort to balance financial innovation with market integrity and stability.
How is the Ghanaian SEC responding to the increased use of cryptocurrencies in Ghana?
Despite earlier advising against the use of unregulated crypto assets, the SEC is now focusing on strategies to protect users who continue to trade and invest in cryptocurrencies. This includes enhancing regulatory and supervisory technology solutions.
More about Ghana Crypto Regulation
- Ghana’s Securities Regulator Creates Taskforce to Build Capacity for Crypto Asset Oversight
- BFT Online Report on Ghanaian Regulator’s Efforts
- International Organization of Securities Commissions (IOSCO)
