Banking consultant Dr. Richmond Atuahene has proposed 11 recommendations to guide Ghana’s regulation of virtual assets like cryptocurrencies, advocating a hybrid framework balancing innovation and stability.
The Bank of Ghana’s August 15 registration deadline for Virtual Asset Service Providers (VASPs) precedes comprehensive legislation expected in September 2025.
Dr. Atuahene’s research paper urges combining principles-based and risk-based regulation, allowing flexibility while prioritizing high-risk activities. He emphasizes adopting a clear legal framework preferably new dedicated legislation to replace outdated rules governing digital assets. Baseline standards for custody, anti-money laundering (AML), consumer protection, and market integrity must underpin the system.
Key proposals include equipping regulators like the Bank of Ghana and Securities and Exchange Commission with enhanced technical resources and authority. VASPs would face mandatory governance frameworks, comprehensive risk management systems, and stringent data reporting. Multi-function crypto platforms require holistic oversight, potentially separating high-risk services.
The paper stresses continuous regulator training, cross-border cooperation, and inclusive protections for all virtual asset users—beyond security tokens to stablecoins and NFTs. Dr. Atuahene asserts these steps could position Ghana as a regional leader in responsible crypto innovation while curbing fraud.