SEC warns Ghanaian celebrities over unlicensed crypto promotions

Ghana’s Securities and Exchange Commission has cautioned celebrities and social media influencers that they risk sanctions if they promote cryptocurrencies or other virtual assets without formal approval.

The warning comes as the country prepares to implement the new Virtual Asset Service Providers (VASP) law, which is awaiting presidential assent and is designed to regulate digital asset activities and tighten anti-money laundering and counter-terrorist financing controls.

Speaking at the maiden National Virtual Asset Literacy Programme for Market Operators, SEC Deputy Director-General (Finance), Mensah Thompson, described the virtual asset space as “highly volatile” and said it required strict oversight, especially around advertising, promotion and public advocacy.

He stressed that only licensed and authorised individuals or firms will be permitted to promote or endorse cryptocurrencies and other virtual assets, including through influencer marketing. Those who breach the rules, he said, should expect penalties.

Mr Thompson urged influencers who intend to work with crypto or virtual asset brands to first engage the SEC or the Bank of Ghana to understand the new regime, adding that ignorance of the rules would not be a defence.

The SEC says robust enforcement of the VASP framework will be central to protecting investors, safeguarding market integrity and encouraging responsible participation in Ghana’s growing digital asset ecosystem.