ACCRA, Ghana, Saturday, August 24, 2024 – The Bank of Ghana (BoG) has unveiled draft regulations for cryptocurrency exchanges, aiming to address growing adoption and potential risks associated with digital assets.
The draft can be seen here: https://www.bog.gov.gh/wp-content/uploads/2024/08/Draft-Guidelines-on-Digital-Assets.pdf
Meanwhile, the central bank cited a surge in Ghanaian crypto interest over the past three years. The proposed framework focuses on mitigating money laundering, terrorist financing, and fraud, while prioritizing consumer protection.
The eight-pillar plan emphasizes stricter registration and reporting requirements for crypto exchanges, also known as Virtual Asset Service Providers (VASPs). Exchanges would be required to monitor suspicious transactions and comply with international anti-money laundering regulations.
The BoG plans to collaborate with the Securities and Exchange Commission (SEC) to develop complementary frameworks for different crypto applications. Additionally, the bank seeks public and industry feedback by August 31st before finalizing the regulations.
Exchanges would also need to register with the BoG and complete a sandbox testing phase before offering services in Ghana. This move highlights Ghana’s cautious approach to regulating the evolving crypto landscape.
