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The Bank of Ghana (BoG) has released an exposure draft for public comment on its proposed regulatory framework for digital assets. This marks a shift from the BoG’s cautious stance on digital currencies, as it now aims to regulate and promote innovation while safeguarding financial sector integrity.

The draft sets requirements for Virtual Asset Service Providers (VASPs), focusing on consumer protection, cybersecurity, financial stability, and preventing financial crimes. It also defines the roles of Enhanced Payment Service Providers (EPSPs) and commercial banks in the digital asset landscape.

Stakeholders are urged to submit feedback by August 31, 2024, as their input will shape the future of digital asset regulation in Ghana. Businesses, especially VASPs and financial institutions, should start preparing for compliance now.

For assistance with these guidelines, please contact TEMPLARS Partner, Sarpong Odame, and Senior Associate, Aasiya Sarku Nettey.

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