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

The legislation, which is awaiting presidential assent, is intended to regulate activities within the cryptocurrency and virtual asset space, while strengthening anti-money laundering and counter-terrorism financing measures in Ghana’s growing digital finance sector.

Speaking at the maiden National Virtual Asset Literacy Programme for Virtual Asset Market Operators, the SEC’s Deputy Director-General in charge of Finance, Mensah Thompson, said the virtual asset market is highly volatile and therefore requires strict regulatory control, particularly in advertising, promotion and advocacy.

He stressed that only individuals and entities that are duly licensed and authorised will be permitted to promote cryptocurrencies and other virtual assets.

“We are all aware of how volatile the virtual asset space is, which is why specific rules have been put in place to regulate advertisement, promotion and advocacy,” Mr. Thompson said. “Influencers who intend to operate in this space must be mindful that there are clear rules governing advocacy and influencing.”

He cautioned that breaches of the regulations would attract sanctions, urging influencers and promoters to familiarise themselves with the applicable laws before engaging in any promotional activities.

“Only licensed and authorised persons will be allowed to engage in advocacy, advertisement or promotion in the virtual asset space, and there are consequences for violations,” he added. “Anyone who wants to work in this area should take steps to engage the SEC and the Bank of Ghana to understand the rules that apply.”

According to the SEC, the enforcement of the VASP law will strengthen investor protection, enhance market integrity and promote responsible participation in Ghana’s digital asset ecosystem.