As digital assets rapidly grow across the world, and Africa is no exception, an expert has issued a clarion call that African countries must adopt a unified and forward-looking framework to position the continent to take advantage of the disruption.
From cryptocurrencies like Bitcoin to new forms of digital tokens, millions of Africans are already experimenting with these assets.
However, as exciting as the opportunities are, experts warn that without the right rules, digital assets could also open the door to fraud, money laundering, and financial instability.
Speaking at the Digital Asset Summit in Accra, the Head of Fintech at the Bank of Ghana (BoG), Kwame Oppong, called for African countries to adopt a structured, forward-looking approach to digital asset regulation.
He stressed that if left unchecked, these instruments could weaken Africa’s monetary sovereignty, threaten financial stability, and expose citizens to scams.
Kwame Oppong, therefore, outlined five key principles to guide the continent in the formulation of regulations to guide the operations of the emerging sector.
Consumer and Investor Protection
The Head of Fintech proposes that frameworks must ensure that ordinary Africans are protected from unfair practices, fraud, and market abuse.
Strong disclosure rules, clear information, and easy complaint channels will give people confidence that their money is safe.
Financial Stability and Integrity
He added that digital assets must be integrated into broader financial oversight. This means aligning with global rules on anti-money laundering (AML) and counter-terrorism financing (CFT), ensuring criminals cannot use digital money to move funds secretly.
Regulatory Innovation and Adaptability
Regulating the digital assets space, he says, should not suffocate new ideas. Tools like regulatory sandboxes, safe spaces where fintech startups can test their innovations, can help governments strike a balance between protecting the system and encouraging innovation.
Regional and Continental Harmonisation
To ensure a uniform and united front in the regulation, Kwame Oppong says Africa must avoid fragmented rules that create confusion. By working together through the African Union, regional blocs, and the AfCFTA, countries can build harmonised standards that allow digital assets to flow smoothly across borders.
International Cooperation
He adds that since digital assets move across the globe instantly, Africa must be at the table where global rules are set. Active participation ensures that regulations reflect African realities and not just Western priorities.
Why This Matters Now
Experts in the space have consistently stressed that digital assets present Africa with both risks and opportunities. They explain that while they could make cross-border trade faster, give the unbanked access to finance, and attract investment, without proper safeguards, they could also fuel scams, drain tax revenues, and destabilise local currencies.
He therefore stresses that Africa cannot afford to be passive. By building strong but flexible regulations, the continent can create trust, attract investment, and ensure digital assets become tools for growth rather than sources of instability.
