Ghana's Central Bank Proposes New Rules to Strengthen Regulation of Cryptocurrencies

The Bank of Ghana (BoG) has moved to establish a regulatory framework for cryptocurrencies such as Bitcoin and Tether, and has published a set of draft guidelines to strengthen the regulation of digital assets. The proposed regulations would also require all cryptocurrency exchanges to undergo a “thorough registration process” with the BoG and participate in sandbox testing before they are allowed to operate. According to the draft, this initiative is essential to ensure that all market participants adhere to the “highest standards of security and operational integrity”.