This is part of France’s push to strengthen compliance and assert greater control under the EU’s Markets in Crypto-Assets Regulation (MiCA). Meanwhile, Ghana’s central bank is moving quickly to introduce its first crypto laws, with a bill expected to reach parliament by the end of the year. Bank of Ghana Governor Johnson Asiama said that the country is building the expertise and infrastructure that is needed to monitor digital assets as adoption in the country grows, with over 3 million Ghanaians using crypto. Both countries’ moves proves that there is a growing recognition that regulation is key when it comes to balancing innovation with financial stability.
France Ramps Up Oversight
France’s banking regulator intensified its scrutiny of Binance and other cryptocurrency exchanges as part of its push to tighten anti-money laundering (AML) oversight and assert more influence over the European Union’s crypto framework. According to a Bloomberg report, the French Prudential Supervision and Resolution Authority (ACPR) is conducting confidential AML checks on Binance and dozens of other exchanges, which already began last year. The regulator reportedly instructed Binance in 2023 to improve its risk management systems and internal controls.
A representative for Binance told Bloomberg that such “periodic onsite inspections are a standard part of the supervision of regulated entities,” and explained that these reviews are routine to help ensure compliance. These inspections are done to verify adherence to AML and Counter-Terrorist Financing (CFT) regulations, which are central to the EU’s approach to mitigating illicit financial flows in the digital asset sector.
When deficiencies are identified, companies are typically given several months to make improvements, usually by expanding compliance teams, hiring information security experts, or enhancing technological safeguards.
The latest checks come during France’s effort to take a harder stance on the crypto industry and secure a leadership role in shaping European regulation under the Markets in Crypto-Assets Regulation (MiCA). In September, the Autorité des Marchés Financiers (AMF) suggested that France could block crypto firms from operating locally if they rely solely on licenses from other EU countries, due to concerns over potential regulatory loopholes and inconsistent enforcement across the bloc.
MiCA regulation (Source: Hacken)
AMF chair Marie-Anne Barbat-Layani acknowledged that such a move would be a serious breach of trust in the European single market but added that it is still a “possibility we hold in reserve.”
Earlier this month, Bank of France governor François Villeroy de Galhau urged the European Union to grant the Paris-based European Securities and Markets Authority (ESMA) centralized oversight over the crypto sector. He warned that leaving supervision to national regulators could lead to fragmented enforcement at a time when the digital asset market is expanding across Europe.
Ghana Moves to Regulate Crypto by Year-End
Other countries are also ramping up their regulation efforts. Ghana’s central bank is accelerating its efforts to introduce crypto regulations by the end of the year, with a bill set to be submitted to parliament in the next few weeks. The move comes just a week after Kenya passed its own law governing the crypto industry.
Bank of Ghana (BoG) Governor Johnson Asiama announced during the International Monetary Fund’s meetings in Washington that the country made a lot of progress in drafting the legal framework over the past four months. “That bill is on its way to parliament, hopefully before the end of December we should be able to regulate cryptocurrencies in Ghana,” he said.
Asiama added that while passing the law is an important milestone, building the capacity to monitor crypto activity will be crucial. The BoG is developing a new department dedicated to crypto oversight, hiring experts, and training staff to strengthen its regulatory and technological capabilities.
The central bank’s position is a big shift from its earlier cautious stance, when it warned the public that cryptocurrencies were not legal tender. Despite the lack of formal regulation, crypto adoption in Ghana surged, with over 3 million people—nearly 9% of the population—estimated to use digital assets. This is according to data from Demandsage. Asiama said the growing demand made it clear that the government “could not leave it,” as there was an obvious need for oversight to prevent misuse and ensure consumer protection.
Crypto ownership by country (Source: Demandsage)
To support innovation, the BoG also launched a digital sandbox allowing selected companies to experiment with cryptocurrency services under controlled conditions. People in the industry praised the initiative but urged the country to swift action. Stanbic Bank Ghana’s Isaac Simpson warned earlier this year that Ghana risks being left behind as other African nations, including Nigeria, Kenya, South Africa, and Rwanda, advance with central bank digital currency pilots, regulated exchanges, and digital asset licensing frameworks.
