Draft Guidelines for Crypto Exchanges Released by Ghana’s Central Bank

The central bank of Ghana has recently conducted a review of the increasing use of cryptocurrencies and has presented a draft of guidelines for regulating Virtual Asset Service Providers (VASPs). The bank is seeking feedback from both the public and the crypto industry.

In a country with a population of around 30 million, the Bank of Ghana has issued a draft of guidelines for digital assets after recognizing the growing popularity of cryptocurrencies among Ghanaians, especially the youth demographic who are tech-savvy. The bank intends to regulate VASPs to address risks related to money laundering, terrorism financing, consumer protection, and other relevant measures. VASPs will be required to conduct customer due diligence, transaction monitoring, and report to the Financial Intelligence Centre.

Furthermore, the central bank plans to work with the Securities and Exchange Commission to develop additional regulatory frameworks for various crypto applications. Once the regulatory framework is in place, VASPs operating in Ghana must seek authorization from either the Bank of Ghana or SEC, based on their specific product offerings. Commercial banks will be allowed to provide banking, payment, and settlement services for registered VASPs.

The bank’s draft guidelines aim to outline its proposed regulatory measures and invite feedback from the industry and the public before August 31. Those interested can share their opinions via the provided email address. Stay updated by joining our community for the latest stories and updates.

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