Bank Of Ghana Makes New Rules For Crypto Supervision

Bank of Ghana. (Photo; Doc. Tepedia)

JAKARTA - The Bank of Ghana (BoG) has taken an important step in regulating the crypto market by releasing a new draft rule for digital asset service providers in the country. This step was taken in line with the increasing use of crypto assets such as Bitcoin (BTC) and USDT stablecoins in Ghana.

According to the official announcement, the new rules are designed to protect consumers and maintain financial stability amid crypto volatility. The BoG requires Virtual Asset Service Providers (VASPs) and other service providers to conduct strict customer due diligence and continuous transaction monitoring. The goal is to prevent crypto abuse for illegal activities such as money laundering.

Under this regulation, VASPs must report suspicious transactions to the Financial Intelligence Center (FIC). Service providers are also required to carry out a thorough risk assessment and apply a risk-based approach in accordance with international standards.

The Bog emphasizes that these measures are important to ensure the use of digital assets in Ghana is safe and in accordance with global financial practices. Once this regulatory framework is implemented, all VASPs operating or planning to operate in Ghana must obtain permission from the BoG or SEC, depending on the services they offer.

The Bog will also cooperate with the Ghana SEC to create a comprehensive regulatory environment. Under the proposed rules, Upgraded Payment Service Providers (EPSPs) can process virtual asset transactions for registered VASPs with prior permission.

However, EPSPs are not allowed to operate exchanges or engage in custodian services except through independent separate entities. This move reflects BoG's efforts to create a secure and regular crypto ecosystem in Ghana, in line with the global regulatory trend towards financial technology.