The Securities and Exchange Commission (SEC) has cautioned celebrities and social media influencers against promoting cryptocurrencies and other virtual assets without the required authorisation, as Ghana moves to enforce its newly passed Virtual Asset Service Providers (VASP) law.
The legislation, currently awaiting presidential assent, aims to regulate cryptocurrency and virtual asset activities while enhancing anti-money laundering and counter-terrorism financing controls within Ghana’s expanding digital finance sector.
Speaking at the maiden National Virtual Asset Literacy Programme for Virtual Asset Market Operators, the Deputy Director-General of the SEC in charge of Finance, Mensah Thompson, said the virtual asset ecosystem is highly volatile and therefore requires strict regulatory oversight, particularly in the areas of advertising, promotion, and advocacy.
He stressed that only persons and entities that are duly licensed and authorised will be permitted to engage in promotional activities related to cryptocurrencies and other virtual assets.
“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 the rules will attract sanctions, adding that influencers must take steps to familiarise themselves with the regulatory framework before operating in the space.
“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 the enforcement of the VASP law will help protect investors, enhance market integrity, and ensure responsible participation in Ghana’s digital asset market.