Crypto News: Bank of Ghana Sets End-2025 Deadline for Crypto Rules

Ghana’s central bank targets late 2025 for new crypto rules, forming a department for market oversight.

Ghana’s central bank, the Bank of Ghana (BoG), plans to introduce formal crypto regulations now. The new final deadline is set for the end of 2025. Consequently, this decision follows the central bank that move to forward a related bill to the national parliament. This move is in the face of increasing digital asset usage at a national level.

BoG Outlines New Strategy and Oversight for Digital Currencies

Previously, the BoG had set a new cryptocurrency regulation deadline of September 2025. However, the bank was not effectively able to meet this earlier due date. Therefore, the new goal date is now December 2025. This is to provide the necessary time for strong regulatory preparation. The bank is still perfecting its approach and intentionally.

Related Reading: Ghana Central Bank to Propose Crypto Rules by September | Live Bitcoin News

Furthermore, BoG Governor Johnson Asiama gave an update in Washington. He made the speech as part of the International Monetary Fund meetings last Thursday. He verified that regulators have worked on a draft for over four months. Moreover, the bank is engaged in the process of developing its internal manpower now. This is suitable for effectively supporting essential market oversight in the future.

Specifically, Governor Asiama stated that the central bank is setting up a new dedicated department. This new division will take care of the supervision of the entire crypto sector. In effect, this measure ensures that regulatory control is maintained. This commitment prepares Ghana for digital finance going forward. The BoG is developing the required infrastructure from within.

To date, the BoG has been very careful with its public stance. They explained that digital assets are not legal cash. Additionally, they are not governed according to the current Ghanaian law formally. This position brings out concerns for fraud and money laundering. Consumer protection issues also remain an issue.

Regional Legislative Momentum Accelerates Crypto Rules Timelines

At present, Ghana is following other African countries in this regulatory drive. South Africa, Nigeria and Kenya all published guidelines. These guidelines include acquisition and exchange of crypto. This shows an emerging regional legislative momentum. As a result, Ghana’s move is in consonance with this broader continental move now.

For example, recently, Kenya passed a VASP bill in early October. This bill creates mandatory licensing and consumer protections. Furthermore, Ghana’s Securities and Exchange Commission (SEC) is not too eager. The SEC claims that it does not have authority over crypto platforms. This underlines the need for clear legislative action as a matter of immediacy.

The SEC’s position further shows that the central bank has a careful attitude. This is due to their focus on the dangers of unbridled digital currencies. Moreover, the BoG is currently building the human resource base. This is very critical for successful regulatory oversight as planned. It takes a lot of time to develop skilled manpower.

Governor Asiama hopes it will indeed be crypto regulations in place by December. The idea is to have a good oversight framework. This framework addresses the risks of uncontrolled digital currencies. Ultimately, the move follows an increase in the national use of digital assets. Therefore, BoG is speeding up its regulatory schedule.

In sum, the end-2025 deadline is indicative of the complexity of the task. The BoG needs to build new internal capabilities now. It also has to pass the necessary legislation formally. Finally, such regulatory clarity is critical to market confidence. It places Ghana in a position of compliant growth in digital finance.

The post Crypto News: Bank of Ghana Sets End-2025 Deadline for Crypto Rules appeared first on Live Bitcoin News.