The Bank of Ghana (BoG) is the central bank of the West African country Ghana. The country's central bank recently unveiled draft rules for cryptocurrency exchanges, including bitcoin and other cryptocurrencies. Even the country's central bank has proposed new regulatory regime for digital assets after an extensive internal review of digital currencies. For that, the central bank of the country has approved the new draft. Their draft is primarily for digital assets and they issued the new draft guidance after soliciting feedback from the public and industry stakeholders on upcoming crypto regulations.
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[source](https://pixabay.com/photos/trading-blockchain-cryptocurrency-6531134/)
According to data from the country's central bank, data collected in the country over the past three years shows the extent of people's addiction to digital currency, crypto, and their data shows a significant increase in appetite for crypto in Ghana. Since these digital currencies are unregulated and the transactions through them are secret, it is feared that the people of the country may engage in various crimes such as money laundering and terrorism financing, fraud, using such digital currencies. So it is very easy for the citizens of the country to not engage in malpractices by using such digital currencies and cryptos and wants to implement laws to address the risks related to other measures for consumer protection.
That's why the country's central bank approved a new draft proposing an eight-pillar framework for crypto regulation. In this, things like registration of crypto exchanges have come up. It has also tightened its registration and reporting requirements for cryptocurrency exchanges or virtual asset service providers. In simple words, they want to bring crypto exchanges in the country under a specific law to prevent the citizens of the country from criminal activities. Currently, the country is paying special attention to crypto exchanges. If these entities can be brought under the law and signed on, the proposed regulation will require crypto exchanges. As a result, it will be possible to monitor and report any suspicious transactions. Along with this, the travel rules of the Financial Action Task Force must be followed. Even so, the country's central bank plans to collaborate with external stakeholders such as unique commercial banks and offshore regulators.
The country's central bank will cooperate with the country's SEC or Securities and Exchange Commission. To that end they will collaborate with them to create unique complementary regulatory frameworks that include the various applications or exchanges that will be required to register with the country's central bank before being allowed to offer trading services in Ghana. Even must check the sandbox at that time. The bank will then consider these inputs to determine next steps. Even with that comes a new announcement that the country's postal service has launched a new collection to celebrate the 25th coronation anniversary, originally called Crypto Stamps.
