The Bank of Ghana (BoG) has released a draft regulatory framework aimed at governing cryptocurrency exchanges operating within the country. The proposed regulations underscore the central bank’s intention to balance innovation in the digital asset space with robust consumer protection and financial stability.
Key provisions of the draft rules include stringent requirements for cryptocurrency exchange operators to register with the BoG and undergo rigorous compliance checks. The central bank is also emphasizing the importance of anti-money laundering measures and counter-terrorism financing protocols. To mitigate risks associated with the volatile nature of cryptocurrencies, the draft mandates exchanges to maintain adequate capital reserves and implement robust risk management strategies.
Consumer protection is another focal point of the regulations. Cryptocurrency exchanges will be required to provide clear and transparent information to their clients, including details about the risks involved in trading digital assets. Additionally, the draft proposes measures to safeguard customer funds, such as segregated custody of digital assets.
The BoG is inviting feedback from industry stakeholders, experts, and the public on the draft regulations. The central bank has indicated that it will carefully consider the input received before finalizing the rules. The proposed regulatory framework is seen as a significant step towards establishing a clear and conducive environment for the cryptocurrency industry in Ghana while ensuring the protection of consumers and the stability of the financial system.
