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Like in Nigeria, Ghanaian SEC warns investors in crypto-currencies

More African securities and allied investment regulators have continued to warn against risks embedded in the fast growing interest in the issue, investment and trading in crypto currencies.
The latest is the Ghana Securities and Exchange Commission (GSEC) which earlier in the week cautioned the public and investors that they risk losing their investments in crypto currency schemes and activities because they are, unregistered, unlicensed and unregulated under the Securities Law of Ghana.
In a warning circular signed made public by the Director-General, Reverend Daniel Ogbarmey Tetteh, and copied to the Business Hilights Ghana Bureau in Accra, GSEC mentioned Bitcoin, XRP, Lite Coin, Ethereum, Monero, XRP, Tether, Tron, Binance Coin, Neo, IOTA, NEM, Holo, Waves, Ontology, Maker, Tezos, USD Coin, Ripple, Dash, Cardano, Stellar, ZCash and EOS, as some of the popular ones.
Ogbarmey Tetteh said “The above-mentioned activities offered by unregistered and unlicensed entities on digital on-line trading platforms with promises of high returns on investment are not sanctioned nor registered by the SEC.,
“The SEC wishes to inform the general and investing public that none of these Crypto currencies is recognised as currency or legal tender in Ghana.
“The platform on which they are traded are also not licensed nor regulated by the SEC. The SEC would like to make it clear that it does not currently regulate these types of products offerings and their accompanying on-line trading platforms or Exchanges. “Members of the general public who are investing or intend to invest in such currencies or assets may be doing so at their own risk and can in no way be protected under the Securities law regime in Ghana”.
Ogbarmey Tetteh added that “This Notice is issued pursuant to section 3 and 208 of the Securities Industry Act, 2016 (Act 929)”.
Besides, GSEC advised the public to report the activities of those offering such Crypto currencies, such like assets, schemes and their trading platforms to it.
Recall that GSEC is the statutory body mandated by the Securities Industry Act 2016 (Act 929) to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.