The Bank of Ghana has debuted a set of proposed guidelines to govern digital assets, with an emphasis on consumer protection measures and exchanges.
The Bank of Ghana (BoG) has proposed new regulatory measures for digital assets in response to a comprehensive internal assessment of Bitcoin and other cryptocurrencies.
The central bank of the West African nation issued proposed guidelines on digital assets on August 16, in an effort to solicit feedback from the public and industry stakeholders regarding the forthcoming crypto regulations.
The Bank of Ghana (BoG) has reported a substantial increase in Ghana’s interest in cryptocurrency over the past three years. Consequently, it plans to enforce legislation that addresses the dangers associated with money laundering and terrorism financing, as well as fraud and other consumer protection measures.
The central bank proposed an eight-pillar framework for crypto regulations, which primarily focuses on the intensification of the registration and reporting requirements of cryptocurrency exchanges or virtual asset service providers (VASPs).
Crypto exchanges will be obligated to monitor and report suspicious transactions and adhere to the Financial Action Task Force’s Travel Rule if the proposed regulations are enacted. Furthermore, the bank intends to engage in partnerships with external stakeholders, including offshore regulators and commercial institutions.
“The Bank would work in conjunction with the Securities and Exchange Commission (SEC) to establish unique, complementary regulatory frameworks that incorporate a variety of digital asset applications or use cases.”
Additionally, in order to offer trading services in Ghana, exchanges must register with the BOG and complete experimental testing. Until August 31, the bank is soliciting recommendations from industry professionals, experts, and the general public.
The draft proposal stated that the bank will take these inputs into account when determining the next stages.
Ghana Post, the nation’s postal service, introduced a crypto stamp collection in May to commemorate the 25th anniversary of its king’s coronation.
The “Crypto Stamp” stamp collection is a tribute to His Majesty Otumfuo Osei Tutu II’s 25-year-long contribution to the cultural integrity and development of Ghana.
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