BoG Cracks Down on Unauthorized Crypto Wallet Services

The Bank of Ghana (BoG) has issued a directive to banks and other regulated financial institutions in the country to stop facilitating unauthorized foreign currency wallet services offered by cryptocurrency platforms.

The central bank observed an increasing use of fiat currency wallet services, particularly U.S. dollar-denominated wallets, operated by some crypto platforms and funded through bank transfers, payment cards, and other payment channels provided by regulated financial institutions.

The BoG emphasized that these arrangements may constitute activities requiring approval under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other applicable regulatory frameworks.