ChainCatcher news reports that the Bank of Ghana has released a draft regulation aimed at establishing a framework for the cryptocurrency industry. These rules are designed to protect consumers, prevent financial crimes, and encourage financial inclusion. Virtual Asset Service Providers (VASP) will be required to register and meet strict standards, while commercial banks will be prohibited from directly dealing with virtual asset businesses. The public has the opportunity to provide feedback on the proposed regulations before they are finalized.The Bank of Ghana (BoG) recently announced a draft regulation aimed at establishing a regulatory framework for digital assets. The rules were published on August 16 and are intended to promote financial inclusion while protecting cryptocurrency users. The central bank's decision came after a comprehensive analysis of digital assets such as Bitcoin (BTC) and USDT stablecoins. The analysis found that as internet access increases and Virtual Asset Service Providers (VASP) emerge, a growing number of tech-savvy individuals in Ghana are using digital assets. Although the usage rate of cryptocurrencies remains low compared to traditional finance, the Bank of Ghana believes that the role of cryptocurrencies in cross-border payments and remittances needs regulation. These regulations aim to address issues of money laundering, fraud, and cybersecurity threats while complying with international standards.Additionally, Virtual Asset Service Providers must meet capital requirements and have internal controls and risk management frameworks. The draft clearly states that commercial and registered financial institutions can only provide services to registered Virtual Asset Service Providers. No bank or financial institution is allowed to directly handle business related to virtual assets. Before finalizing the regulations, BoG will conduct a sandbox testing process to identify potential issues or refine the rules. The public can submit feedback until August 31.

ChainCatcher news, according to Cointelegraph, the Bank of Ghana (BoG) has proposed new regulatory measures for digital assets after conducting a comprehensive internal review of Bitcoin, USDT, and other cryptocurrencies.On August 16, the Central Bank of Ghana released a draft guideline for digital assets and sought feedback from the public and industry stakeholders on the upcoming cryptocurrency regulations.According to the Bank of Ghana, data collected over the past three years indicates a significant increase in demand for cryptocurrencies in Ghana. Therefore, Ghana intends to implement laws addressing risks such as money laundering, terrorist financing, and fraud, as well as measures to protect consumer rights.The Central Bank of Ghana has proposed a cryptocurrency regulatory framework consisting of eight pillars, primarily aimed at strengthening registration and reporting requirements for cryptocurrency trading platforms or virtual asset service providers (VASPs). The central bank is currently soliciting suggestions from industry professionals, experts, and the public, with a deadline of August 31.

ChainCatcher message, the Bank of Ghana (BOG) and the Monetary Authority of Singapore (MAS) have completed the proof of concept for the Digital Economy Semi-Fungible Token (DESFT) project. The project aims to encourage trade between micro, small, and medium enterprises (MSMEs) in both countries. Within the project, real-time transactions have been conducted between the two parties. According to Ample FinTech, headquartered in Singapore, they utilized the Universal Trusted Credential Semi-Fungible Token Protocol developed by the United Nations Development Programme, which the company claims to be the developer of DESFT. The token contains verified licenses, certificates, and transaction records.