Ghana SEC is mulling over the idea of developing framework to govern digital securities. The intention is to effectively licence and regulate digital assets in the nation. This includes, not only cryptocurrencies, but digital securities as well.
This decision is being forced, as despite not currently being legal, residents in the small country have shown an affinity for trading digital assets. Recognizing this has led to the potential for framework and legalization to occur.
Multiple individuals have commented on these moves being made. Both from the Ghana government and from industry professionals. They not only gave warnings on current activity, but spoke on the future potential of the industry. Here is what they had to say regarding these events.
Paul Ababio, Deputy Director General of SEC:
“…desist from dealing with these crypto entities…when you choose to go there you are on your own…we are still doing our research and gathering information and we welcome any input that people might have to help us formulate a view on how we should deal with it in Ghana.”
Richard Gardner, CEO of Modulus:
“Currently, exchanges aren’t licensed in Ghana, as well as in many other places throughout the globe…The value in licensing is that it creates a standard rulebook — a set of regulations by which licensed exchanges must abide. The best way to regulate an industry, especially one which is so technical, is to bring together those involved in the private sector, along with those from the public policy side. Together, we can usually find a way to encourage industry growth while protecting consumers…It’s likely that they’re going to want to look at attempting to bring responsible oversight to the industry — through the use of new technology and a cutting-edge security apparatus, cryptocurrency exchange administrators must endeavor to bring an end to money laundering, abusive trading behavior, and market manipulation.”