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hana

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The Bank of Ghana has ordered banks to stop supporting unauthorized foreign currency digital wallet services provided by cryptocurrency platforms

According to Bitcoin.com, the Bank of Ghana has issued a mandatory directive requiring all regulated financial institutions to immediately cease support for unauthorized foreign currency digital wallet services provided by cryptocurrency platforms. The central bank stated that several cryptocurrency platforms operating in Ghana offer digital wallet services denominated in foreign currencies (primarily US dollars) that integrate with the local banking system through direct bank transfers, payment cards, and other channels. These cryptocurrency platforms are not authorized to conduct such activities.The central bank pointed out that these foreign currency digital wallets involve compliance requirements under the Payment Systems and Services Act of 2019 and the Foreign Exchange Act of 2006. Due to the lack of necessary approvals for cryptocurrency platforms, the banking infrastructure supporting these services is illegal. The directive takes effect immediately and applies to banks, deposit-taking institutions, electronic money issuers, and payment service providers, prohibiting the establishment or maintenance of any arrangements supporting these unauthorized fiat wallet systems. Non-compliant institutions will face regulatory or enforcement actions. The central bank has established a virtual asset service desk for businesses to consult on compliance matters.

The Korean FSC is reviewing whether Hana Bank's acquisition of Dunamu shares violates regulatory rules

According to iNews24, the Financial Services Commission (FSC) of South Korea is reviewing whether Hana Bank's acquisition of Dunamu shares violates the "separation of finance and virtual assets" regulatory rules. The virtual assets department of the Financial Services Commission stated that Hana Bank indirectly holds shares in Dunamu through its acquisition of Kakao Investment shares, which is essentially an investment in a virtual asset exchange and will be examined under the same standards.Since 2017, the South Korean government has prohibited financial institutions from holding, purchasing virtual assets, or making equity investments through administrative guidance. If a violation occurs, Hana Bank may not be able to complete the transaction. Future Asset Consulting is advancing the acquisition of Kobit's operating rights, and Korea Investment & Securities is also taking a cautious approach. Hana Bank previously announced the acquisition of a 6.55% stake in Dunamu but did not consult with the authorities beforehand.Currently, the "separation of finance and virtual assets" regulation has not yet been codified into law, and it is uncertain whether related provisions will be included in the digital asset bill. Legislative discussions may advance after the National Assembly reconvenes in September at the earliest.

Ghana officially legalizes cryptocurrency trading and plans to explore gold-backed stablecoins

On Monday, Ghana announced that Parliament has passed the "Virtual Asset Service Providers Bill." According to the bill, individuals or institutions engaged in digital asset-related businesses must register with and be regulated by the Bank of Ghana or the Securities and Exchange Commission, depending on the nature of their business.Johnson Asiama, Governor of the Bank of Ghana, stated that the bill lays the foundation for the licensing and regulation of the virtual asset industry, ensuring that emerging activities are incorporated into a clear, accountable, and well-governed framework. He also pointed out in a previous speech that the passage of the bill means that individuals will no longer be arrested for trading cryptocurrencies, and the goal of the new framework is to effectively manage the associated risks.Data shows that Ghana processed approximately $3 billion in cryptocurrency transactions from July 2023 to June 2024, with about 17% of adults in the country believed to have used crypto assets. Ghana plans to focus on promoting the application of crypto technology in areas such as payments, trade financing, foreign exchange settlement, and market infrastructure by 2026 to support cross-border business activities, including "targeted exploration" of asset-backed digital settlement tools such as gold-backed stablecoins.
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