PANews reported on August 16 that according to Cointelegraph, the Central Bank of Ghana (i.e. the Bank of Ghana) has released draft guidelines on digital assets, while soliciting feedback from the public and industry stakeholders on upcoming crypto regulations. According to the Central Bank of Ghana, data collected over the past three years show that Ghana's interest in cryptocurrencies has increased significantly. Therefore, Ghana intends to implement laws targeting risks such as money laundering and terrorist financing, fraud, and take measures to protect consumer rights. The Central Bank of Ghana has proposed an eight-pillar cryptocurrency regulatory framework, which mainly strengthens the registration and reporting requirements for cryptocurrency exchanges or virtual asset service providers (VASPs).
If signed into law, the proposed regulations will require cryptocurrency exchanges to monitor and report suspicious transactions and comply with the FATF travel rule. In addition, the central bank plans to work with external stakeholders such as commercial banks and offshore regulators. Exchanges will also need to register with the Bank of Ghana and undergo sandbox testing before being allowed to provide trading services in Ghana. The central bank is currently soliciting suggestions from industry insiders, experts and the public, with a deadline of August 31.
