Africa-Press – Ghana. The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) are to jointly regulate cryptocurrency following the passage of the Virtual Asset Service Providers (VASPs) Bill by Parliament.
In a press release copied to the Ghana News Agency, the BoG confirmed the establishment of a legal framework for regulating virtual assets such as cryptocurrencies and the entities that facilitate their trade and transfer.
The BoG and SEC will draft and issue directives and regulatory instruments to operationalise the Act.
Oversight will be determined based on the nature of the virtual asset activity, ensuring a dual‐regulator approach.
The release said the forthcoming regulations would provide guidance for prospective applicants and clarify licensing and registration requirements.
Market participants, including crypto exchanges, wallet providers and blockchain‐based firms, are awaiting rules on capital requirements, consumer protection standards, anti‐money laundering protocols and technological safeguards.
The effective date of the Act is yet to be announced, creating space for stakeholder engagement.
The BoG’s FinTech and Innovation Office, designated as the contact point, is expected to play a key role in the consultative process ahead of the rollout.
In an interview with the Ghana News Agency, Mr Larry Cooke, Head of Legal for Africa at Binance, said Ghana was well positioned to roll out cryptocurrency.
He noted that Ghana’s success in mobile money services had positioned the country as a continental leader in digital financial inclusion.
“This deep integration of mobile money into everyday commerce- from market transactions to utility payments has created a financially agile populace comfortable with digital value exchange, even among the unbanked and underbanked.”
Mr Cooke said that the infrastructure, trust and behavioural shift fostered by mobile money provided a solid foundation for the introduction of advanced digital assets.
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