Ghana's Securities Regulator Creates Taskforce to Build Capacity for Crypto Asset Oversight

Ghana's Securities and Exchange Commission (SEC) has reportedly set up a task force specifically aimed at preparing the organization to deal with digital and cryptocurrency assets. The goal of this initiative is to educate and prepare the SEC to regulate and oversee cryptocurrency activity within the nation, including issues related to fraud and misuse. This task force would build the SEC's capacity in this area by offering extensive training on cryptocurrencies and digital assets, understanding their operation, value assessment, and potential risks. According to Director General Daniel Ogbarmey Tetteh, the regulator’s role is not only about enforcement, but about building capacity and enlightening the investing public. He said: What we are doing now is capacity building and creating awareness. There's a lot more emphasis on making people understand the essence of what we do. In recent years, cryptocurrency usage has surged globally, including in African countries such as Nigeria, Kenya and South Africa. As a result, regulatory bodies worldwide are striving to ensure they can properly monitor these types of assets to protect consumers and maintain financial stability. However, Ghana is currently still developing its policy stance towards cryptocurrencies, and they remain not officially recognized as legal tender. This task force would provide insight and knowledge to assist in crafting comprehensive regulations. The news follows a previous statement by the governor of Ghana's Central Bank that they are in discussions to develop a central bank digital currency (CBDC), an indication of the increasing interest and acknowledgement of digital assets in the country's financial landscape.