The Securities and Exchange Commission (SEC) has indicated that it 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.

Deputy Director General, Paul Ababio, disclosed that engagement series will be known as the “Fintech roundtable”, noting that 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.

The Deputy Director General explained 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.”
Paul Ababio

Paul Ababio, meanwhile, noted that the Commission is yet to decide on the strategy.

“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 monetisation of that technology and how it interacts with the real sector. “
Paul Ababio

The Deputy Director General pointed out saying “Obviously, as regulators we have concerns with money laundering, and how that will be dealt with.”

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.

The Commission to Soon Come Out with Final Policy

Meanwhile, the Director General of the Securities and Exchange Commission, Rev. Daniel Ogbarmey Tetteh, stated that the commission will soon come out with its final policy position on trading in cryptocurrencies.

Rev. Ogbarmey averred that the commission is still trying to get a better view of how to approach the whole issue of cryptocurrencies to determine whether to allow it or not.

Until then, he said, SEC’s position in its notice which was issued in 2019 has still not changed.

In the intervening time, SEC warned the public that none of the cryptocurrencies is recognised as currency or legal tender in Ghana.

“The platform on which they are traded are also not licensed nor regulated by the SEC. The SEC would like to make it clear that it does not currently regulate these types of products offerings and their accompanying online trading platforms or exchanges.

“Members of the general public who are investing or intend to invest in such currencies or assets may be doing so at their own risk and can in no way be protected under the Securities law regime in Ghana.”
Daniel Ogbarmey Tetteh

The Director General stressed that SEC is yet to come up with any guidelines regarding cryptocurrencies and it’s not something which is regulated by the commission.

“We have plans of getting a better view of how to approach this whole issue to determine whether we are going to allow it in the future.”
Daniel Ogbarmey Tetteh