IMF urges BoG, SEC to align crypto regulation frameworks
The International Monetary Fund (IMF) has called on the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) to strengthen collaboration and align their risk assessment frameworks for crypto markets and activities.
In a report titled “Regulation and Supervision of Crypto Markets and Activities,” the IMF said the two regulators should coordinate not only on risk-based supervision of dual-regulated entities but also on all current and potential cross-sector risks, including financial stability monitoring.
The Fund warned that the highly dynamic and innovative nature of crypto markets requires constant information exchange between the BoG and SEC to prevent regulatory blind spots and curb regulatory arbitrage.
It recommended that a coordination committee propose a formal collaboration structure covering all stages of the supervisory process, from aligned reporting procedures to aligned sanctions.
For dual-supervised entities, the IMF said the committee should develop clear guidance delineating responsibilities between the relevant authorities.
To ensure consistency and quality of reporting data, the IMF urged the BoG and SEC to consider a single reporting framework for all supervised entities, warning that separate frameworks could lead to operational complexities, higher costs, data gaps, and double reporting.
The Fund suggested the authorities leverage existing solutions such as eM-Tech, currently used by the BoG for real-time reporting by sandbox entities. Where a unified framework is not feasible, it said reporting templates should be closely aligned to allow seamless exchange of supervisory data.
Ghana is the fifth-largest crypto market in sub-Saharan Africa, with data suggesting between 8% and 17% of the population have bought or sold crypto and estimated annual transactions of around $21 billion.
