- New Regulatory Objectives
- The Proposal
- Role of Banks
Ghana's central bank, the Bank of Ghana (BoG), has released a draft of new regulations aimed at bringing order to the usage of cryptocurrencies. The public and industry players are invited to provide feedback before they are finalized.
New Regulatory Objectives
The BoG aims to maintain financial sector stability and protect consumers and investors. There is a significant focus on preventing money laundering and terrorist financing.
The Proposal
The BoG will commence with a sandbox testing process involving a small number of Virtual Asset Service Providers (VASPs). These companies must undergo rigorous scrutiny, and if they pass, the framework will be expanded. Emphasis will be placed on adhering to anti-money laundering and counter-terrorism financing rules.
Role of Banks
Under the new regulations, commercial banks will be allowed to provide banking and payment services to registered VASPs, provided they adhere to all regulatory requirements. However, commercial banks will be prohibited from operating exchanges or providing custodial services for virtual assets.
The BoG aims to create a comprehensive regulatory framework for cryptocurrencies in collaboration with other regulatory bodies to ensure all necessary standards are met and safeguard the interests of citizens.
