Analysis
August 20, 2024 9:32 PM
The Bank of Ghana has unveiled draft regulations to create a framework for the cryptocurrency industry, aiming to protect consumers and encourage financial inclusion.
Released on August 16, these rules require virtual asset service providers (VASPs) to register and adhere to strict standards, while commercial banks are prohibited from directly engaging with virtual asset businesses.
Ghana's increasing digital asset adoption, driven by internet access and the rise of VASPs, prompted the central bank to propose these regulations.
The draft rules focus on overseeing cryptocurrency exchanges and VASPs, requiring them to report suspicious transactions and meet capital requirements.
Commercial banks can only provide services to registered VASPs. Before finalizing, the Bank of Ghana will conduct sandbox testing and seek public feedback until August 31.
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