Published on augustus 18, 2024, 12:22 am
Image source: Fox News
```json [ "TLDR: The Bank of Ghana has introduced draft guidelines to regulate digital assets, focusing on exchanges and enhancing consumer protection measures amid increasing interest in cryptocurrencies. The proposed regulations include registration requirements for crypto exchanges, sandbox testing, and collaboration with external stakeholders. Feedback from industry players and the public is being sought until August 31 to shape these regulations.", "Another development in Ghana includes the launch of a limited edition crypto stamp collection by Ghana Post to commemorate the king's 25th coronation anniversary, showing innovation within the country's cryptocurrency landscape." ] ```
The Bank of Ghana has taken a significant step by introducing draft guidelines aimed at regulating digital assets, with a primary focus on exchanges and enhancing consumer protection measures. This move comes following an extensive internal review of popular cryptocurrencies like Bitcoin (BTC) and Tether (USDT).
On August 16, the central bank of Ghana unveiled draft guidelines centered on digital assets while actively seeking input from the public and industry stakeholders regarding the proposed crypto regulations. The Bank of Ghana noted a remarkable surge in Ghana’s interest in cryptocurrencies over the past three years, prompting the need for laws to address risks associated with money laundering, terrorism financing, fraud, and to bolster consumer protection efforts.
Under the proposed framework consisting of eight pillars, the Bank of Ghana is set to ramp up registration and reporting requirements for cryptocurrency exchanges or virtual asset service providers (VASPs). If these regulations are enacted, crypto exchanges will be mandated to monitor and report suspicious transactions while complying with regulations such as the Financial Action Task Force’s Travel Rule. Furthermore, collaborations are planned with external stakeholders such as commercial banks and offshore regulators.
In addition to registration with the BOG, exchanges will be required to undergo sandbox testing before initiating trading operations in Ghana. Industry players, experts, and the public have until August 31 to provide their feedback as part of this consultation process. The bank emphasized that these insights will play a key role in shaping upcoming decisions related to these regulations.
In another interesting development earlier this year, Ghana Post commemorated its king’s 25th coronation anniversary by launching a limited edition crypto stamp collection named “Crypto Stamp.” These stamps pay tribute to His Majesty Otumfuo Osei Tutu II for his enduring contribution to Ghana’s growth and cultural heritage. Limited to 7,200 pieces priced at 250 Ghanaian cedi ($18) each, the Crypto Stamp collection signifies another innovative venture within Ghana’s evolving cryptocurrency landscape.
As discussions around crypto assets continue globally, it’s evident that regulatory bodies such as the Bank of Ghana are proactively adapting to this digital financial ecosystem while considering factors like consumer protection and compliance with international standards like never before.
Original article posted by Fox News
