The Securities and Exchange Commission (SEC) is considering licensing cryptocurrency in Ghana If the SEC manages to issue such licenses in the months to follow, cryptocurrencies will officially count as legal money throughout Ghana.
This ambition reflects the universal purpose of cryptocurrencies: empowering individuals with financial autonomy, even where traditional banking is inaccessible. Despite its volatility and the occasional misconduct seen with digital assets, this core aspiration endures. like bitcoin were invented Several nations are on the brink of harnessing the primary perks of crypto, and Ghana is among the frontrunners. Currently, the region prohibits commercial crypto dealings, but the SEC is assessing routes for cryptocurrencies like Bitcoin, Ethereum, XRP, and Litecoin to be acknowledged officially.
The bond between Africa and cryptocurrencies is strengthening.
Customers Needed Some Help
Paul Abadio, the deputy director-general of the SEC, emphasizes steering clear of unlicensed crypto operations, adding:
\"Venturing into these areas is at one’s personal risk. We're implementing comprehensive adjustments and continue to investigate. We welcome public insight to shape our approach to crypto in Ghana.\"
He further divulged that Ghana's Economic and Organized Crime Bureau has begun scrutinizing three distinct cryptocurrency enterprises, stating that these businesses are currently absent without leave:
Play with People Who Have Rules
\"Some operate digitally or lack a physical presence in Ghana. While our investigations are still preliminary, we will soon release detailed findings and perhaps disclose names of three or four firms engaged in unauthorized financial activities.\"
2019 exemplifies a year of stringent measures for the SEC, with a no-nonsense stance against cryptocurrency firms bypassing registration or gambling recklessly with user finances. For example, last year saw notable penalties for companies failing to properly file their initial coin offerings.
Bringing the Hammer Down
Surprisingly, the firms' top executives expressed satisfaction with the penalties, grateful for avoiding harsher consequences. AirFox and Paragon Coin Remarkably, Africa is witnessing substantial progress in the crypto sector. Recently, Cameroon emerged in headlines for pioneering its independent cryptocurrency initiative. The nation's drive for autonomy from a bilingual administration led to the creation of a distinct digital coin introduced last year.
The coin, AmbaCoin, has successfully sold more than 20,000 units so far.
The catalyst was when clients from Global Coin Community required intervention to access their trapped investments. It should be noted that the platform is not yet formally authorized or enlisted and cautions traders of associated personal risks.
Nick Marinoff has narrated the narrative of cryptocurrencies since 2014, playing pivotal roles at Money & Tech, Game Credits, Bitcoinist, and News BTC, both writing and editing. was in the process of Dojima Network aims to establish the groundwork for a seamlessly connected Web3 ecosystem.
MEXC has released its annual report for 2024, highlighting a $100 million airdrop and reaching the milestone of 30 million users.
