Bank of Ghana unveils Draft Guidelines to regulate Cryptocurrency and Digital Assets

The Bank of Ghana has unveiled its Draft Guidelines to regulate cryptocurrency and digital assets in the country. Up until now, the nation’s licensed financial institutions have all received orders from the Central Bank to never conduct business with or assist in transactions of any kind involving cryptocurrencies or other unregulated digital assets.

However, by implementing these new standards, the BoG is demonstrating its commitment to completely regulating cryptocurrencies and other digital assets, allowing authorized financial institutions to conduct business in these spaces lawfully.

In the seven-page draft guidelines, the Bank of Ghana noted that, over the last three years, the use of various digital assets by Ghanaians has recorded a significant increase on account of factors such as high mobile money penetration, a tech-savvy youth demographic, high internet usage and the rise of online companies offering crypto and virtual asset services, popularly known as Virtual Asset Service Providers (VASPs).

“The Bank will collaborate with other regulatory agencies, such as the SEC (Securities and Exchanges Commission), to develop and implement complementary frameworks aligned with each institution’s regulatory mandate. This approach will ensure a comprehensive regulatory framework to effectively address the diverse use cases of virtual assets.”

Get the full details of the Bank of Ghana’s draft guidelines on Cryptocurrency and Digital Assets here.