Bank

Bitcoin

The Bank of Ghana (BoG) has proposed fresh regulatory measures for digital assets following an extensive internal review of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="null" target="null">BTC</a>), Tether (<a href="https://cointelegraph.com/tether-price-index" rel="null" target="null">USDT</a>) and other cryptocurrencies.
On Aug. 16, the central bank of the West African nation <a href="https://www.bog.gov.gh/wp-content/uploads/2024/08/Draft-Guidelines-on-Digital-Assets.pdf" rel="null" target="null">issued</a> draft guidelines on digital assets while seeking feedback on the upcoming crypto regulations from the public and industry stakeholders.
According to the BoG, data collected over three years shows a significant increase in Ghana’s appetite for crypto. As a result, it intends to implement laws targeting risks related to money laundering and terrorism financing, fraud and other measures for consumer protection.
The central bank proposed an eight-pillar framework for crypto regulations, mainly intensifying the registration and reporting requirements of cryptocurrency exchanges or virtual asset service providers (VASPs).&nbsp;
<h2 id="ghana-pays-special-attention-to-crypto-exchanges">Ghana pays special attention to crypto exchanges</h2>
If signed into law, the proposed regulations will require crypto exchanges to monitor and report suspicious transactions and comply with the Financial Action Task Force’s Travel Rule. Additionally, the bank plans to collaborate with external stakeholders such as commercial banks and offshore regulators.&nbsp;
<blockquote>
 “The Bank would collaborate with the Securities and Exchange Commission (SEC) to develop distinct complementary regulatory frameworks that encompass various applications or use cases of digital assets.”
</blockquote>
<h2 id="curating-crypto-laws-based-on-public-feedback">Curating crypto laws based on public feedback</h2>
Exchanges will also need to register with the BOG and undergo sandbox testing before being allowed to provide trading services in Ghana. The bank is currently seeking recommendations from industry players, experts and the public until Aug. 31.
“The bank will consider these inputs in determining the next steps forward,” the draft proposal said.
Related: <a href="https://cointelegraph.com/news/ghana-singapore-digital-economy-token-msme-trade" rel="null" target="null">Ghana, Singapore conduct trade in semi-fungible token pilot project</a>
In May, Ghana Post, the country’s national postal service, launched a crypto stamp collection <a href="https://cointelegraph.com/news/ghana-post-crypto-stamps-king-anniversary" rel="null" target="null">to celebrate its king’s 25th coronation anniversary</a>.
The stamp collection, “Crypto Stamp,” pays homage to His Majesty Otumfuo Osei Tutu II’s 25-year-long contribution to Ghana’s development and cultural integrity.
<figure>
 <img alt="Bank of Ghana unveils draft rules for cryptocurrency exchanges" name="" src="https://s3.cointelegraph.com/uploads/2024-08/28ccea9c-4bac-4af7-848b-caa8a1b3da57">
 <figcaption style="text-align: center;">
 Ghana’s new crypto stamp collection. Source: Ghana Post
 </figcaption>
</figure>
According to the listing, crypto stamps are limited to 7,200 pieces and cost 250 Ghanaian cedi ($18) per stamp.&nbsp;
Magazine: <a href="https://cointelegraph.com/magazine/ai-more-power-hungry-bitcoin-profits-pose-risks-bitcoin-miners/" rel="null" target="null">AI may already use more power than Bitcoin — and it threatens Bitcoin mining</a>

Bank of Ghana unveils draft rules for cryptocurrency exchanges

Table of Contents

Cointelegraph

Other articles published on Aug 16, 2024

Base Dawgz Presale Nears $3 Million Milestone

Dubai Says Yes to Crypto Salaries

Dubai Court Validates Cryptocurrency Wages in Landmark Ruling

Solana Price Prediction: SOL Plunges 10% As Experts Say This Base Meme Coin Might 100X

IMF Proposes Electricity Tax Hike for Crypto Mining

Kamala Harris Surges in Polls—What Does This Mean for Bitcoin’s Future?

Join our free newsletter for daily crypto updates!