The Securities and Exchange Commission (SEC) has warned social media influencers in Ghana that they must obtain the appropriate authorization before advertising or promoting cryptocurrency and virtual asset products.
According to the the Deputy Director-General of the Commission, influencers who engage in crypto-related promotions without approval from the SEC and the Bank of Ghana risk arrest and possible sanctions by law enforcement agencies.
Speaking at the National Virtual Asset Literacy Programme for Virtual Asset Market Operators, organised jointly by the SEC and the Bank of Ghana on December 22, the Deputy Director-General of the SEC, Mensah Thompson, said the virtual asset space is volatile therefore there is the need fo control it.
“Specific rules have been designed to guide advertisement, promotion and advocacy. 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 stressed that only properly authorised persons would be allowed to operate in that area.
“Only licensed and authorised persons will be allowed to engage in advocacy, advertisement or promotion in the virtual asset space.”
He urged influencers interested in the sector to formally engage the regulators before undertaking any promotional activities.
“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.”
The Deputy Director-General further warned against speculative commentary on digital assets, noting that such actions could attract serious legal consequences.
“Promotion will be streamlined. Nobody can get up and start talking about ‘a coin will go up, will go down’. If you do that, law enforcement agencies will arrest you and sanctions will apply.”
Mr. Thompson said the aim of the regulations is not to stifle opportunity but to protect the public and the financial system.
“We just want to encourage the influencers that yes, this is a space that will create business for you, but we don’t want you to abuse it. We don’t want the public to lose money, we don’t want the impact on the financial system to be dire.”
