The Bank of Ghana has ordered banks, payment service providers, and other regulated financial institutions to immediately stop supporting unauthorised crypto wallets offered by digital asset platforms.
- The Bank of Ghana has ordered banks, payment service providers, and other regulated financial institutions to immediately stop supporting unauthorised...
- The directive, issued on Friday, targets fiat-currency wallet services, many of which are denominated in U.S.
- According to the Bank of Ghana, these services are operating without the required regulatory approval and may breach existing financial...
- The Bank of Ghana further instructed institutions already supporting such arrangements to discontinue those services without delay.
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The directive, issued on Friday, targets fiat-currency wallet services, many of which are denominated in U.S. dollars, that are offered to users in Ghana through crypto platforms.
According to the Bank of Ghana, these services are operating without the required regulatory approval and may breach existing financial and foreign exchange laws.
Bank of Ghana tightens oversight of crypto wallets
The Bank of Ghana said some crypto wallets allow users to fund, hold, and transfer fiat currencies through bank transfers, payment cards, and other payment channels. The central bank noted that such activities require authorisation under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other regulatory requirements.
In the notice, the central bank stated: “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.”
The order applies to all regulated institutions currently providing banking, payment processing, card acquiring, settlement, or related services connected to the affected crypto wallets.
The Bank of Ghana further instructed institutions already supporting such arrangements to discontinue those services without delay.
“The notice further ordered institutions currently providing banking, payment, card acquiring, settlement or related services in support of such arrangements to take immediate steps to discontinue that support,” the directive said.
The move comes months after Ghana introduced a formal legal framework for virtual asset service providers. Since then, regulators have increased oversight of crypto-related activities, including unauthorised advertising and marketing campaigns by digital asset firms, as previously reported by Techpression.
Earlier this year, the Bank of Ghana and the Securities and Exchange Commission directed virtual asset service providers to halt public promotions unless expressly authorised.
Ghana’s evolving crypto regulations
While cryptocurrency trading is now regulated under Ghana’s virtual asset framework, authorities have repeatedly stressed that service providers must obtain the necessary approvals before offering products to local users.
The Bank of Ghana has also required digital asset firms operating in the country to register and comply with regulatory obligations.
The directive is a strong measure by the central bank to ensure that crypto wallets and related financial services operate within established legal and supervisory requirements as digital asset adoption continues to grow across Ghana.
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