Bank of Ghana Announces Draft Rules for Cryptocurrency Exchanges

On August 16, the Central Bank of Ghana released a draft guideline on digital assets and sought feedback from the public and industry stakeholders on upcoming cryptocurrency regulations. According to the Bank of Ghana, data collected over three years shows a significant increase in interest in cryptocurrencies in Ghana. Therefore, Ghana intends to implement laws against risks such as money laundering and terrorist financing, fraud, etc., and take measures to protect consumer rights. The Bank of Ghana has proposed an eight-pillar regulatory framework for cryptocurrencies that primarily strengthens registration and reporting requirements for cryptocurrency exchanges or Virtual Asset Service Providers (VASP).