Bank of Ghana Introduces Draft Regulations for Virtual Assets
The Bank of Ghana has proposed new draft regulations to establish a framework for the cryptocurrency industry.
These rules aim to safeguard consumers, prevent financial crimes, and promote financial inclusion. Virtual asset service providers (VASPs) must register and adhere to stringent standards. While commercial banks are barred from directly engaging with virtual asset businesses. The regulations also mandate that exchanges and VASPs report suspicious transactions and meet capital and risk management requirements.
The public can provide feedback on the draft until August 31, and the BoG plans to refine the regulations through a sandbox testing process.
Clever Robot News Desk 21st August 2024
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