Bank of Ghana Seeks Feedback on New Crypto Regulations

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.

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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.

Alexander Stefanov