Ghana passes bill to regulate crypto and its service providers

Parliament’s approval of the Virtual Asset Service Providers Bill gives regulators authority over crypto activities, ending years of policy ambiguity.
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Parliament’s approval of the Virtual Asset Service Providers Bill gives regulators authority over crypto activities, ending years of policy ambiguity.

The new rules establish a licensing regime for VASPs and bring them under the purview of BAM and AMMC

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According the IMF, these countries have lost significant sums of money as a result of being grey listed by the FATF

The bill has scrapped the creation of a new agency, VARA, and has instead placed VASPs under the CMA and CBK’s regulatory oversight.

At a Mariblock webinar last week, tax and digital asset experts said the new laws mark a turning point for the sector’s legitimacy.

It will set parameters, conditions, administrative responsibilities, and reporting requirements for cross-border crypto transactions.

The BoG says it is merely looking to identify VASPs and not to issue a license just yet.

BoG claims Yellow Pay is offering digital payment services, crypto trading, and stablecoin-based remittances without proper licensing.