According to ChainCatcher, citing Bitcoin.com, the Bank of Ghana has issued a mandatory directive requiring all regulated financial institutions to immediately stop supporting unauthorized foreign-currency digital wallet services offered by cryptocurrency platforms. The central bank said that several crypto platforms operating in Ghana have been providing digital wallet services denominated in foreign currencies, mainly U.S. dollars, and have integrated those services with the local banking system through channels such as direct bank transfers and payment cards.
Support for unauthorized foreign-currency wallets must stop
The Bank of Ghana stated that the crypto platforms involved have not been authorized to carry out this type of activity. The directive focuses on the arrangements that connect those platforms to local banking infrastructure. By using bank transfers, payment cards and other financial channels, the platforms have been able to provide users with access to foreign-currency digital wallet services through the regulated financial system.
The central bank said such foreign-currency digital wallet services fall under compliance requirements contained in the Payment Systems and Services Act, 2019, and the Foreign Exchange Act, 2006. Because the crypto platforms do not have the required approvals, the Bank of Ghana said the banking infrastructure that supports these services is illegal. The directive took effect immediately and applies to banks, deposit-taking institutions, electronic money issuers and payment service providers.
Covered institutions and enforcement consequences
Under the order, regulated institutions are prohibited from establishing or maintaining any arrangement that supports these unauthorized fiat wallet systems. The restriction covers support arrangements that allow the wallet services to remain connected to the banking system, including those involving direct bank transfers and payment card channels. The central bank also made clear that institutions violating the directive will face regulatory or enforcement action.
The Bank of Ghana has also set up a virtual assets service desk for businesses seeking guidance on compliance matters. The service desk is intended to handle inquiries from companies in connection with the regulatory requirements applying to virtual asset-related services. The core requirement of the directive is that regulated financial institutions must stop providing banking and payment infrastructure support to unauthorized foreign-currency digital wallet systems operated by crypto platforms.