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Ghana Mulls Positive Crypto Legislation

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There are indications in some cryptocurrency circles in Ghana that its Securities and Exchange Commission (SEC) may be prepared to release its stranglehold on the space, which currently doesn’t allow trading.

This would represent a major turnaround though, given that currently all businesses are banned from conducting cryptocurrency transactions in the African nation. This despite Paxful, the world’s leading cryptocurrency-marketplace, claiming that business is currently booming.

A Paxful report just last month indicated that both Nigeria and Ghana are propping up African transactions which are currently generating USD 64.3 million per month, putting the two countries alongside the world’s top 10 markets, such as the US and the UK.

The hope is that the SEC lifts the ban and creates an environment where legitimate companies are able to thrive without going underground. However, the regulators’ deputy director general Paul Abadio argues against the SEC’s case but hints at change:

“When you choose to go there, you are on your own. We have adopted a wide range of changes on it and we are still doing our research and gathering information, and we welcome any input that people might have to help us formulate a view on how we should deal with it in Ghana.”

A fact that the SEC is still formulating a view has given rise to local crypto analysts beginning to think a positive change for the industry in Ghana could be on the way. 2018 was very much a headache year for the Ghanaian SEC who claimed that many crypto-related businesses chose to “play around” with clients money having no intention of registering their services.

With many investigations still underway into companies who may have infringed Ghana’s financial regulations, it seems very much a “wish and hope” situation at present. However, other countries on the African continent are coming at cryptocurrency from a complete direction, such as Cameroon’s independent movement boosted by an ICO and its own cryptocurrency, the AmbaCoin.

 

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