The Ghanaian securities regulator has established a task force which is expected to help it boost its capacity to regulate crypto assets. Ghanaian residents have continued to trade and invest in cryptocurrencies and this has forced the regulator to think of ways to protect crypto users.
Gaining Crypto Asset Owners’ Confidence
According to Daniel Ogbamey-Tetteh, the Director General of the Ghanaian Securities and Exchange Commission, the commission has established a task force to help it build its capacity to oversee and regulate crypto assets. The establishment of the task force is in line with the International Organization of Securities Commissions (IOSCO)’s call on members to take steps to protect digital asset consumers.
Ogbamey-Tetteh made these remarks at an event marking the commission’s 25th anniversary. As per a report by BFT Online, the Ghanaian regulator has also been working on boosting capital and crypto asset owners’ confidence in the commission.
Interestingly, the SEC through its deputy director general, has previously advised Ghanaian residents to stay away from crypto assets because they are not regulated by the commission. However, despite this admonishment, Ghanaian residents have continued to trade and invest in cryptocurrencies, forcing the regulator to think of ways to protect crypto users.
SEC Implementing a Digitalization Program
To achieve this, the Director General revealed that the SEC is prioritizing developing human capital and the digitalization program. He said:
We are investing in developing the human capital of SEC as well as implementing a digitalization program. We have started implementing a Risk-Based Supervision framework as we seek to migrate from the compliance-based supervision mode.
Ogbamey-Tetteh added that his organization’s pursuit of regulatory technology (regtech) and supervisory technology (suptech) solutions is an attempt to strike a balance between supporting financial innovation and maintaining market integrity and stability.
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