Experts in the financial sector has called for a comprehensive guideline and a legal framework in the transactions of virtual assets and digital financing to deepen capacities for the financial markets in the banking space and beyond.
They have therefore tasked the Bank of Ghana (BoG), Security and Exchange Commission (SEC) to effectively and efficiently regulate the operations and the activities crypto transactions, Bitcoin, money laundering, terrorist financing, fraudulent financial transactions in the financial sector.
The experts made the call during the 14th edition of the ABSA- UPSA Law School Quarterly Banking Roundrable under the theme, ‘’Digital Assets Regulation in Ghana. Navigating Opportunities and Risks at the Moot court centre, UPSA law school.
In attendance were a cross section of law students, players in the Fintech sector, law practitioners, banking and financial experts and others in the banking regulatory institutions.
Mr. Tahiru Alhassan, Head of Oversight and Compliance at the Virtual Assets Department of the Bank of Ghana said the bank have developed comprehensive guidelines covering anti- money laundering and counter financing of terrorism under the Virtual Assets Law Act (VASP), 2025 (Act 1154).
Mr. Kwesi Dadzie – Yorke (Esq), Expert in Fintech Law and Co – Founder, Asiedu and Yorke said Nigerians adult population are into Crypto and Bitcoin transactions hence government must apply the necessary steps through the lay down rules and regulations on virtual assets and digital financing for interested citizens.
He however called on government to put in place the needed financial legal framework to ensure that transparency is brought to bear to avoid any clandestine operations in the banking sectors, adding that the gesture will enable the Bank of Ghana reap the opportunities in digital financing and virtual assets.
Prof. Virag Blazek of University of Leeds School of Law, U.K. in a zoom meeting urged regulators to introduce prudent measures to enable the country to catch up with international best practices in these emerging financial markets for government to gain the opportunities and benefits.
Prof. Ernest Kofi Abotsi, Dean of the UPSA Law school called for bench marking in the said space, adding that it is borderless and urged the respective regulators to ensure that compliance is duly followed in all financial transactions.
