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BoG orders banks to cut ties with unauthorised crypto platforms

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The Bank of Ghana (BoG) has directed banks and other regulated financial institutions to immediately cease supporting unauthorised foreign currency wallet services offered by crypto platforms to users in Ghana.

The central bank said it had observed with concern the growing use of fiat currency wallet arrangements, particularly those denominated in U.S. dollars, being operated by certain crypto platforms and funded through bank transfers, payment cards and other payment channels provided by regulated financial institutions.

According to the Bank of Ghana, such arrangements may involve activities that require regulatory approval under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other applicable regulatory frameworks.

The regulator stressed that  crypto platforms involved have not been authorised to undertake such activities in Ghana.

“Accordingly, banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers, and other Regulated Financial Institutions are hereby directed to refrain from establishing or maintaining arrangements that facilitate the funding, operation, settlement, or customer access to unauthorised fiat currency wallet services offered to users in Ghana”, a statement from the BoG mentioned.

The directive also requires institutions currently providing banking, payment processing, card acquiring, settlement or related support services to such platforms to take immediate steps to discontinue those arrangements.

Financial institutions that fail to comply with the directive could face supervisory or enforcement actions.



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