Ghana opens door to crypto casinos
Crypto casinos could soon be able to welcome customers from Ghana after the country shifted its previously negative stance on cryptocurrencies.
Ghana had previously signalled little interest in opening the door for crypto in the country, but its banking regulator appears to have had a change of heart.
The Bank of Ghana (BoG) has now revealed its inaugural draft guidelines for digital assets, with a firm stance taken by the bank on the future of cryptocurrency. Bitcoin, Ethereum and other leading cryptocurrencies may soon be used in Ghana as a result of the BOG announcement.
In the exposure draft, the BOG pointed out that changes to how money is managed around the world has led to a rethink on its crypto stance.
“The digital asset landscape in Ghana is evolving, with increasing interest and adoption of crypto assets and blockchain technology, supported by a growing number of exchanges and initiatives in the country’s financial ecosystem,” said a statement released by the BOG.
“Although these transactions have relatively insignificant volumes compared to the broader digital payments, the dynamic growth of digital assets calls for regulatory clarity to ensure adequate financial stability and consumer protection.”
It remains to be seen how quickly crypto casinos can arrive in Ghana, but it seems clear that they will be up and running for the first time in the country before too much longer.
Virtual asset service providers (VASPs) are a particular area of interest for the BOG. It said the launch of a central bank digital currency (CBDC) is also being considered in the future.
Ghana-based law firm Clinton Consultancy suggested VASPs will need to bring in robust cybersecurity measures in order to address cyber threats.
Amanda Clinton, the firm’s founding partner, told African Law Business: “Issues that should be considered for a final draft include further defining digital assets. As such, the scope of the regulations needs to be clear regarding the types of digital assets covered. In terms of licensing requirements, the specific criteria for VASPs to obtain authorisation should be outlined.”
Ghana’s decision to give the green light for operators considering launching crypto casinos in the West African nation comes a short time after neighbouring Nigeria made a similar move.
Nigeria recently published its own updated VASP guidelines, a step which has been taken by many to mean it could soon be allowing cryptocurrency to be used in the country.
This could lead to operators launching crypto casino sites in both Ghana and Nigeria.
