Although there are several regulatory agencies around the world trying to regulate the cryptocurrency market, there are others that want to make cryptocurrencies legal tender. Ghana’s Securities and Exchange Commission (SEC) is considering licensing digital assets in the country. This would make crypto legal tender in the country.
Cryptocurrencies have been trying to expand all over the world as a means of transacting funds between individuals and companies. Nevertheless, different countries did not allow for it and regulated the space.
The decision to make cryptocurrencies legal tender started when clients of the cryptocurrency company Global Coin Community required access to locked investments. Although the platform is not licensed or registered, it is already offering services to users at their own risk.
Paul Abadio, the deputy director general of the SEC, commented on this issue:
“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.”
According to a recent report, he said that the country is investigating different crypto-related firms. For the agency, this is a new area of work since they haven’t dealt with cryptocurrencies until now.
Regulatory agencies in different countries have been trying to have a larger control in the market. Some countries such as China or South Korea decided to completely ban Initial Coin Offerings (ICOs). In the United States, most of the ICOs are considered illegal securities offerings. Meanwhile, in Malta and Switzerland, the regulatory framework is much more crypto-friendly than in other countries.
Furthermore, in Japan, the government is implementing strict regulations that have helped to reduce the number of incidents related to digital assets. Furthermore, Japan has already considered cryptocurrencies legal tender back in 2017.
2019 will be a year in which regulations will take shape and allow companies to have a better understanding of the market in which they are operating. Users will also be more cautious before investing in digital assets.