Ghana’s government must implement one Digital access regulatory framework to improve Protect investors Like adoption skyrockets in the West African nation, experts say.
Local financial, technical and team industry leaders gathered at a recent fintech summit, where digital assets and blockchain were among the most important articles on the agenda. One speaker after the other called on President John Mahamas Administration to follow up his commitment to digital asset rules, a process it started last year.
“We have adopted a wait-and-see attitude since the emergence and continued market dominance of digital assets, and I think it is time for the government and the supervisory authorities to make clarity for their classifications for appropriate market responses and leverage,” abandoned Richard Nunekpeku, executive partner at Sustineri Lawyers PRUC, an Accra-based law firm.
Ghana is one of Africa’s leading digital asset markets, Ranking Ninth globally for adoption in a Finder survey, which found that 17% of Ghanians had invested in digital assets.
However, the country has settled in regulations, with its neighbor Nigeria who rose its policy 2024 to cleans unlicensed offshore exchanges. In August last year, the Ghanaian Central Bank did however publish New draft guidelines for suppliers of virtual assets (VASP), which included a license almond.
Nunekpeku says the regulatory trip must start by defining digital assets, which would inform other policies. This definition has been a headache for supervisory authorities in Africa and thereafter; In some countries some symbols that BTC has been exempted from securities categorizationWhile others have lumped together all the symbols.
“The government’s role in pushing innovations must be to create a possible environment through responsive and forward legislation and regulations that balance the leverage effect of innovations, promotes the goals for the financial sector and protects end users of financial services,” said the lawyer.
Other experts who reached the stage repeated the need for regulations, which would include a license regime, implementation of know your customs (KYC) and AML policies against money laundering (AML) and the public’s awareness and education campaigns.
“Regulation is not about banning cryptocurrency; It is about creating safeguards. Clear Policy Direction would build trust and bring global investors to Ghana’s digital economy, ”said AMA OSEI, a local financial analyst.
Despite the lack of rules, Ghana is among the pioneers in blockchain Adoption in public service in Africa. In 2024, the country was intended to adopt blockchain to reduce corruption.
“We will adopt blockchain technology to ensure that all data and transactions in the government space are transparent and manipulation-proof,” the then vice president, Mohammed Bawumia, revealed In a Commonwealth conference on braking of corruption.
See: Tech redefines how things are done – Africa is here for it
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