Bank of Ghana Releases Draft Rules 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.

On August 16, the West African country’s central bank published draft guidelines on digital assets, seeking feedback from the public and industry stakeholders on its upcoming cryptocurrency regulations.

According to BoG, data collected over a three-year period shows a significant increase in the appetite for cryptocurrencies in Ghana. As a result, the government plans to implement legislation targeting risks related to money laundering and terrorist financing, fraud, and other measures to protect consumers.

The central bank has proposed an eight-point framework for cryptocurrency regulation, which primarily involves strengthening registration and reporting requirements for cryptocurrency exchanges and virtual asset service providers (VASPs).

Ghana, special interest in cryptocurrency exchanges

If signed into law, the proposed regulations would require cryptocurrency exchanges to monitor and report suspicious transactions and comply with the Financial Activities Task Force’s travel rules. The bank also plans to work with external stakeholders, such as commercial banks and foreign regulators.

“The Bank will work with the Securities and Exchange Commission (SEC) to develop a unique complementary regulatory framework that encompasses the various applications or use cases of digital assets.”

Cryptocurrency Laws Revamped Based on Public Feedback

Exchanges must also register with BOG and undergo sandbox testing before offering trading services in Ghana. The bank is currently seeking recommendations from industry stakeholders, experts and the public until August 31.

“The bank will consider these inputs when determining next steps,” the draft proposal said.

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In May, Ghana Post, the country’s national postal service, launched a collection of cryptographic stamps to commemorate the 25th anniversary of the King’s coronation.

The stamp collection, “Crypto Stamps”, pays tribute to the 25 years of contributions of His Majesty King Otumfuo Osei Tutu II to the development and cultural integrity of Ghana.

According to the list, the cryptocurrency stamp is limited to 7,200 pieces, and each stamp costs 250 Ghanaian cedis ($18).

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