Bank of Ghana introduces draft regulations for virtual assets

The Bank of Ghana (BOG) has released draft regulations aimed at establishing a digital asset regulatory framework. Announced on August 16, 2024 the rules are designed to enhance financial inclusion while safeguarding cryptocurrency users. Following a detailed analysis of digital assets like Bitcoin and USDT, the BOG recognized the growing adoption of digital assets in Ghana, driven by internet access and the emergence of virtual asset service providers (VASPs). Although crypto usage remains limited compared to traditional finance, its role in cross-border payments and remittances has prompted the need for regulation. The proposed rules address concerns such as money laundering, fraud, and cybersecurity, aligning with international standards.