Bank of Ghana unveils draft rules for cryptocurrency exchanges
The Bank of Ghana (BoG) proposed fresh regulatory measures for digital assets following an extensive internal review of Bitcoin ( BTC ), Tether ( USDT ) and other cryptocurrencies.
On Aug. 16, the central bank of the West African nation issued draft guidelines on digital assets while seeking feedback on the upcoming crypto regulations from the public and industry stakeholders.
According to the BoG, data collected over three years shows a significant increase in Ghana’s appetite for crypto. As a result, it intends to implement laws targeting risks related to money laundering and terrorism financing, fraud and other measures for consumer protection.
The central bank proposed an eight-pillar framework for crypto regulations, mainly intensifying the registration and reporting requirements of cryptocurrency exchanges or virtual asset service providers (VASPs).
Ghana pays special attention to crypto exchanges
If signed into law, the proposed regulations will require crypto exchanges to monitor and report suspicious transactions and comply with the FATF’s Travel Rule. Additionally, the bank plans to collaborate with external stakeholders such as commercial banks and offshore regulators.
“The Bank would collaborate with the Securities and Exchange Commission (SEC) to develop distinct complementary regulatory frameworks that encompass various applications or use cases of digital assets.”
Curating crypto laws based on public feedback
Exchanges will also need to register with the BOG and undergo sandbox testing before being allowed to provide trading services in Ghana. The bank is currently seeking recommendations from industry players, experts and the public until Aug. 31.
“The bank will consider these inputs in determining the next steps forward,” the draft proposal said.
Related: Ghana, Singapore conduct trade in semi-fungible token pilot project
In May, Ghana Post, the country’s national postal service, launched a crypto stamp collection to celebrate its king’s 25th coronation anniversary .
The stamp collection, “Crypto Stamp,” pays homage to His Majesty Otumfuo Osei Tutu II’s 25-year-long contribution to Ghana’s development and cultural integrity.
Ghana’s new crypto stamp collection. Source: Ghana Post
According to the listing, crypto stamps are limited to 7,200 pieces and cost 250 Ghanaian cedi ($18) per stamp.
Magazine: AI may already use more power than Bitcoin — and it threatens Bitcoin mining
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitwise files new ETF targeting firms with large Bitcoin holdings
Montenegro Justice Minister signs Do Kwon extradition to the US
Terra (LUNA) Founder Do Kwon’s Fate Finally Certain – Here’s What Happens Next
The decision that will greatly affect Terra (LUNA) founder Do Kwon's future has finally been shared with the public.
Famous Millionaire Raoul Pal Reveals His New Favorite Altcoin! "It Will Overtake XRP and Solana!"
Raoul Pal said that SUI will outperform XRP and Solana (SOL) in the coming months, leaving both behind.