The Bank of Ghana has released draft regulations for cryptocurrency exchanges

The Bank of Ghana (BoG) has proposed new regulatory measures for digital assets following an extensive internal review of Bitcoin (BTC), Tether (USDT) and other cryptocurrencies.

In the year On August 16, the West African Central Bank released draft guidelines on digital assets seeking feedback from public and industry stakeholders on upcoming crypto regulations.

According to Bogue, data collected over three years has shown a significant increase in the appetite for crypto in Ghana. As a result, he intends to implement laws that target risks related to money laundering and terrorist financing, fraud and other consumer protection measures.

The central bank has proposed an eight-pillar framework for crypto regulations, mainly strengthening registration and reporting requirements for crypto exchanges or virtual asset service providers (VASPs).

Ghana pays special attention to crypto exchange.

If signed into law, the proposed regulations would require crypto exchanges to monitor and report suspicious transactions and comply with the Financial Conduct Task Force's Travel Guide. The bank also plans to collaborate with external stakeholders such as commercial banks and offshore regulators.

“The bank will cooperate with the Securities and Exchange Commission (SEC) to develop specific complementary regulatory frameworks that cover various applications or issues of digital assets.”

Revising crypto laws based on public opinion

Exchanges must also register with the BOG and undergo sandbox testing before being allowed to offer trading services in Ghana. The bank is currently seeking recommendations from industry players, experts and the public till August 31.

“The bank will take these inputs into consideration to determine next steps,” the draft said.

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In May, Ghana Post, the country's national postal service, launched a crypto stamp set to commemorate the King's 25th coronation anniversary.

The stamp set, “Crypto Stamp” pays tribute to His Majesty Otumfuo Osei Tutu II for his 25 years of contribution to Ghana's development and cultural integrity.

According to the listing, the crypto stamps are limited to 7,200 pieces and are priced at 250 Ghanaian cedis ($18) per stamp.

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