The Bank of Ghana has unveiled a draft proposal for regulating digital assets and is inviting public and stakeholder feedback.
This effort is driven by the growing use of cryptocurrencies in Ghana, influenced by widespread smartphone access and an increase in online Virtual Asset Service Providers (VASPs).
The proposed regulations aim to address issues such as money laundering and terrorism financing. Under the new framework, VASPs would need to conduct detailed risk assessments and comply with the FATF Travel Rule, which involves sharing transaction details.
The Bank plans to collaborate with the Securities and Exchange Commission (SEC) to establish comprehensive regulations. Additionally, Enhanced Payment Service Providers (EPSPs) would be allowed to process crypto transactions but would be restricted from holding or engaging in crypto-related activities.
VASPs must seek approval from either the Central Bank or SEC to operate in Ghana and meet specific registration requirements.
Public consultations on the draft are open until August 31, after which the Bank will review the feedback to refine the regulations.
Stuart Alderoty, Ripple Labs’ Chief Legal Officer, voiced strong criticism on September 10 regarding US regulators’ tendency to blame cryptocurrencies for money laundering issues.
Nigeria’s regulatory authority for securities is planning to take legal action against those involved in cryptocurrency activities that are not properly regulated.
Coinbase has scored a partial victory in its legal battle against the US Securities and Exchange Commission (SEC), potentially gaining access to important documents related to the agency’s classification of tokens as securities.
The UK’s Financial Conduct Authority (FCA) granted crypto licenses to just four out of 35 applicants for the year ending March 31, 2024, rejecting 87% of submissions.