The Bank of Ghana (BoG) is set to begin regulating cryptocurrency platforms and virtual asset providers by September 2025, marking a significant policy shift in the country’s approach to digital finance.
Governor Dr. Johnson Asiama made the announcement during his participation at the African Leaders and Partners Forum in Washington, D.C., which took place alongside the IMF/World Bank Spring Meetings. Dr. Asiama emphasised that the Virtual Asset Providers Act, currently in the works, will give the BoG the legal authority to license and oversee cryptocurrency platforms.
“We cannot prevent this technology. Therefore, it is crucial that we move quickly to regulate it,” Dr Asiama remarked. He added that the BoG is in the process of establishing a dedicated unit to oversee digital assets, ensuring a regulated environment for the growing sector.
The move comes amid the rapid expansion of digital finance in Ghana, with consumers and businesses increasingly engaging with cryptocurrencies like Bitcoin and Ethereum, despite the absence of a clear regulatory framework. The new regulations aim to address this gap and provide a framework for Virtual Asset Service Providers (VASPs), introducing mandatory registration, anti-money laundering (AML) compliance, and enhanced internal controls.
This regulatory overhaul is expected to build on the BoG’s draft guidelines issued in August 2024, which were designed to provide initial regulatory oversight over the digital asset space. These guidelines were seen as a first step toward taming the rapidly evolving market, providing the necessary checks and balances for safe, regulated cryptocurrency trading in the country.
Additionally, Dr Asiama reaffirmed Ghana’s ongoing digital finance initiatives, including the planned introduction of the eCedi, the country’s central bank digital currency (CBDC). The eCedi, which was first announced in 2021, is part of Ghana’s broader effort to digitise its economy and promote financial inclusion.
Despite the promising developments, Dr Asiama also advised caution, highlighting the high volatility and risks associated with cryptocurrency investments. Investors were urged to carefully consider the inherent instability of the market before committing to digital assets.
With the impending regulatory changes, Ghana is positioning itself as a leader in digital financial regulation in Africa, laying a foundation for a more secure and robust cryptocurrency market.
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