In a significant move to bring the cryptocurrency industry under formal oversight, the Bank of Ghana (BoG) has announced that it is finalizing a regulatory framework for Virtual Asset Service Providers (VASPs).

This development aims to ensure that digital innovation supports, rather than undermines, foreign exchange control and monetary stability in the country.

Speaking at the Graphic Business/Stanbic Bank Breakfast meeting, Governor of the BoG, Dr. Johnson Asiama emphasized the need for regulation, stating, that "It is a fact that crypto is a big thing in Ghana; we can pretend, but the reality is that it is impacting."

The regulatory framework will bring cryptocurrency exchanges and digital asset platforms under formal oversight, aligning them with Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) rules.

“Aligning them with AML-CFT rules in ensuring that digital innovation supports rather than undermines FX control and monetary stability."

The BoG Governor highlighted the importance of collaboration with other regulators, to ensure that the benefits of cryptocurrency accrue to the country while minimizing the risks.

"Together with other regulators such as Securities and Exchanges Commission and the Ghana Revenue Authority we are joining efforts to engage in regulating that activity to ensure the benefit accrues to us while minimizing the risk," Dr. Asiama said.

The development is a significant step towards regulating the cryptocurrency industry in Ghana and is expected to have a positive impact on the country's economy.