Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Ghana launches cryptocurrency trading sandbox featuring 11 companies as part of new VASP legislation.
The firms will have the opportunity to operate their products in a regulated setting while authorities oversee risks and adherence to regulations.
(Planet Volumes/Unsplash+/Modified by ConDesk)
Key points:
- Ghana’s Securities and Exchange Commission (SEC) has initiated a 12-month regulatory sandbox for virtual asset service providers.
- The firms will have the capacity to execute their products in a regulated setting while authorities supervise risks and compliance.
- The outcomes of the pilot program will inform the final licensing regulations under the forthcoming Virtual Asset Service Providers Act, 2025.
According to Ghana’s Securities and Exchange Commission (SEC), 11 firms have been authorized to participate in a regulatory sandbox aimed at testing cryptocurrency and digital asset services under the nation’s Virtual Asset Service Providers Act, 2025.
Related Posts
The initiative enables firms to operate their offerings in a controlled environment while regulators oversee risk and compliance matters.
The sandbox is set to last for 12 months and is a central element of Ghana’s preliminary efforts to implement oversight in the cryptocurrency industry, as stated in a press release.
The companies in the initial group comprise asset tokenization entities such as Africoin, Blu Penguin, Vaulta, XChain, and Goldbod, as well as cryptocurrency exchanges like Hyro Exchange, HanyPay, and WhiteBit.
The commission noted that firms whose offerings are market-ready and comply with regulatory standards could transition to a full license after six months. Others may continue in the sandbox for the remaining duration to enhance their services.
The SEC indicated that this initiative will assist in formulating comprehensive licensing guidelines for various categories of cryptocurrency businesses. Data collected during the pilot will influence regulations related to investor protection, market integrity, and anti-money laundering measures.
Upon the conclusion of the sandbox, the regulator intends to release the final guidelines and initiate the licensing procedure for a wider range of virtual asset service providers.
