In a significant move to bring Ghana’s cryptocurrency industry under formal oversight, the Bank of Ghana (BoG) has announced that it is finalizing a regulatory framework for Virtual Asset Service Providers (VASPs).
The initiative aims to ensure that digital innovation supports, rather than undermines, foreign exchange (FX) control and monetary stability.
Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting, the Governor of the Bank of Ghana, Dr. Johnson Asiama, emphasized the need for regulation.
“It is a fact that crypto is a big thing in Ghana. We can pretend, but the reality is that it is impacting,” he stated.
The upcoming framework will bring cryptocurrency exchanges and digital asset platforms under formal oversight, aligning them with Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) guidelines.
“Aligning them with AML-CFT rules ensures that digital innovation supports, rather than undermines, FX control and monetary stability,” he added.
Dr. Asiama also highlighted the importance of collaboration with other regulatory institutions.
“Together with other regulators such as the Securities and Exchange Commission and the Ghana Revenue Authority, we are joining efforts to regulate that activity to ensure the benefit accrues to us while minimizing the risk,” he noted.
The development is considered a major step toward regulating the cryptocurrency ecosystem in Ghana and is expected to positively impact the country’s economic governance.
Source: Joy Business
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