SEC warns influencers against unauthorised crypto promotions
The Securities and Exchange Commission (SEC) has issued a stern warning to celebrities and social media influencers, advising them to refrain from promoting cryptocurrencies and other virtual assets without obtaining regulatory approval.
The warning comes ahead of the enforcement of Ghana’s newly passed Virtual Asset Service Providers (VASP) law, which is currently awaiting presidential assent.
The legislation is expected to bring tighter regulation to virtual asset activities while strengthening anti-money laundering and counter terrorism financing safeguards within the country’s rapidly expanding digital finance space.
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, stressed that the crypto market is highly volatile and must be subject to strict oversight.
He made it clear that advertising, promotion and advocacy relating to cryptocurrencies will be restricted to only individuals and entities that are properly licensed and authorised by the SEC.
“We all know how volatile the virtual asset space is, and that is why specific rules have been put in place to regulate advertisement, promotion and advocacy,” Mr Thompson said.
He warned that influencers who intend to engage in crypto-related promotions must first acquaint themselves with the relevant regulatory framework, adding that ignorance of the law would not be an excuse.
“Influencers who want to work in this space should be reminded that there are rules governing advocacy and influencing in the virtual asset ecosystem,” he cautioned.