The Central Bank of Ghana (BOG) ordered all the service suppliers of virtual assets (VASP) to the country to apply for registration until August 15. Companies that will not do this on time, officials threatened with restrictions on the work.

The requirement to register is applied to local cryptocurrency platform operators and foreign digital services that provide services to residents of Ghana. All crypto -taxes should register in the Central Bank, digital wallet operators, castodial services, issuers of stablcoins and other crypto assets, as well as firms offering calculation services in digital assets or organizing the primary placement of tokens (ICO).

The Central Bank assured that he wants to strengthen financial stability and create a regulatory framework for the development of the ecosystem of digital assets, where market trends will be taken into account. The requirements are designed to prevent financial crimes using cryptocurrencies and protect people from scammers, explained in BOG.

Registration does not imply the issuance of a license for the implementation of activities and does not mean approval of the regulator. However, due to the lack of registration on crypto platforms, sanctions may be imposed-they may lose the right to receive licenses in the future. Based on the information received during the registration of crypto services, the Ghana Bank promised to release additional management for the market participants.

Last year, BOG announced his readiness to tighten the rules for regulating cryptocurrencies. In March, hackers hacked the account of President Ghana John Mahama, in order to advertise Solanaprica cryptocurrency on his behalf.