SEC Warns Celebrities and Influencers Against Promoting Cryptocurrencies Without Licence

The Securities and Exchange Commission (SEC) has cautioned celebrities and social media influencers against promoting cryptocurrencies and other virtual assets without proper authorisation, as Ghana moves to enforce the newly passed Virtual Asset Service Providers (VASP) law.

The legislation, currently awaiting presidential assent, seeks to regulate cryptocurrency and virtual asset activities while strengthening anti-money laundering and counter-terrorism financing controls in Ghana’s growing digital finance sector.

Speaking at the maiden National Virtual Asset Literacy Programme for Virtual Asset Market Operators, Mensah Thompson, Deputy Director-General of the SEC in charge of Finance, emphasised that the virtual asset space is highly volatile and requires strict regulatory oversight, especially concerning advertising, promotion, and advocacy.

“We all know how volatile the virtual asset space is. And that’s why 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 warned that violations of the regulations would attract sanctions. He urged influencers and public figures to familiarise themselves with the regulatory framework before engaging in any promotional activities.

“Only licenced and authorised persons will be allowed to engage in advocacy, advertisement, or promotion in the virtual asset space. There are consequences for breaches. If you want to work in this space as an influencer, take steps to contact the SEC and the Bank of Ghana for the rules that guide that,” he added.

The SEC says strict enforcement of the VASP law will protect investors, improve market integrity, and ensure responsible participation in Ghana’s digital asset market.