Fur and Urine Farms: Unregulated Cruelty Behind Animal Skulls

The Aftermath of a Fur and Urine Farm Raid in Ohio

In Middletown, Ohio, three wolf dogs now find shelter at a local animal rescue center following the raid of a fur and urine farm in northeastern Ohio. This incident has sparked discussions about the lack of regulations governing such facilities, with a state legislator working on a bill to address the loopholes that allowed these deplorable conditions to persist.

Susan Vogt, president of the Red Riding Hood Rescue Project, provided a tour of her sanctuary to Ohio State Rep Rodney Creech. During this visit, she shared details about the animals she rescued in January from an Ashtabula fur and urine farm. The conditions were described as extremely harsh—over 400 skunks, wild boar, coyotes, foxes, and wolf dogs were kept in wire-bottom cages without protection from the cold.

“They had frozen ice for water,” Vogt explained. “They had no food. They were being fed skulls of animals that were killed prior to them.” Many of the animals were already dead, and 100 needed to be euthanized.

Vogt emphasized that there are currently no regulations anywhere in the country for animals on a fur or urine farm. Urine from foxes, coyotes, and wolves is used in animal repellents to protect vegetable gardens and commercial crops from rabbits and deer. However, alternatives like “Liquid Fence Deer and Rabbit Repellent,” available at Home Depot, use ingredients such as egg solids, garlic, sodium, and thyme instead of urine.

Despite the availability of alternatives, the urine and fur trade remains strong. The lack of regulation and oversight has led State Representative David Thomas to plan the introduction of a bill aimed at improving conditions for animals in these facilities.

“When we spoke in February, you mentioned you were looking to introduce legislation this session,” Local 12 asked in an interview with Thomas. “Why hasn't it been introduced yet?”

Thomas responded, “If you introduce something that is incorrect in this space, my understanding, and you kind of start off on the wrong foot, that can essentially poison the whole effort.”

Local 12 also posed the question, “It seems pretty simple. Animals should be treated humanely, whether you're at a zoo, a shelter, or a fur farm.” Thomas agreed, saying, “I agree it should be very simple. That's what I believed to be the case when I first kind of started on this journey for reform. However, it has gotten very gray very quickly.”

One challenge in addressing the issue is determining who has oversight of fur and urine farms. Depending on the type of animal, it could involve local, state, or federal authorities. For now, fur and urine farms across the country will remain unregulated, leaving organizations like the Red Riding Hood Rescue to handle the aftermath.

“They're doing fantastic,” Vogt said of the three wolf dogs she saved from Ashtabula. “They are learning how to use their muscles.”

Representative Thomas said he still plans to introduce legislation in the fall. Local 12 will check back with him then to see if the proposed bill moves forward.

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Zimbabwe's rare warning to wayward Chinese investors

Zimbabwe has cautioned Chinese investors against ignoring local labor and environmental regulations, as well as engaging in illegal financial practices, a rare position following prolonged public grievances.

Harare's criticism has now disrupted Zimbabwe's reputation as one of the African nations most open to investment from Beijing, frequently ignoring concerns when they arise.

Over the years, China has become the leading source of investment for Zimbabwe, following the country's two-decade-long isolation by the Western world.

Tafadzwa Muguti, a high-ranking official in President Emmerson Mnangagwa's administration, caught attendees off guard during a conference addressing Chinese investments in Harare this week when he urged investors from Asia to avoid "unlawful financial practices, environmental damage, and ignoring local regulations." "Most of you (Chinese) entrepreneurs aren't depositing money," Mr. Muguti stated at the China-Zimbabwe Business Forum on Wednesday. "You don't have bank accounts. You're storing cash under your mattresses, beneath the floor, or on the roof, but that's not how it works in China. If they all hold US dollars and Zimbabwe Gold currency in their homes, it could lead to our economy collapsing. There will be no liquidity in the market. Henceforth, we are advising you to deposit your funds in banks."Read: Why Zimbabwe’s ZiG is tankingSuch remarks are uncommon, as in 2024, the Zimbabwe Investment Development Agency documented 441 new investments from Chinese entities, contributing $2.75 billion, compared to 56 investments totaling $52.28 million in the prior year.

In 2015, Chinese President Xi Jinping referred to Zimbabwe as an "all-weather friend," a designation reserved for only 14 nations globally. China has made significant investments in Zimbabwe's energy, construction, agricultural, and mining industries.

China has also supported and implemented significant infrastructure initiatives, including power plants, airports, roads, and medical facilities, yet the increasing impact of the world's second-largest economy has sparked divided opinions in Zimbabwe.

For years, critics have expressed worries regarding Chinese investors' supposed neglect of local labor and environmental regulations, yet Harare has often stood by them.

The authorities have previously alleged that individuals who criticize the actions of Chinese investors are Western agents, aiming to interfere with investments from a dependable ally.

Zimbabwe has faced a currency crisis for almost 20 years, leading the nation to stop using its own currency in 2009 and instead adopt a mix of currencies, primarily the US dollar.

The nation has made six efforts to restore the Zimbabwe dollar, with the most recent initiative being the mineral-backed Zimbabwe Gold currency launched a year ago.

Many business professionals, particularly those from abroad, are reluctant to engage with local banks due to concerns about the nation's financial regulations and the difficulties involved in transferring their earnings out of Zimbabwe.

Zimbabwe's new currency fails, leading to the closure of numerous businesses and loss of hundreds of jobs. Mr. Muguti stated that Chinese investors were expected to deposit their profits in banks and utilize the central bank for sending money abroad. He mentioned that there are increasing concerns regarding Chinese nationals who are breaching Zimbabwe's immigration laws by entering the country on tourist visas for job purposes. "It is not difficult for Chinese nationals to obtain investment permits in Zimbabwe," Mr. Muguti said. "Why are you coming illegally? Let's adhere to the procedures. There is no need to pay bribes or remain hidden. Let's conduct affairs properly." The senior government official had harsh words for investors who violated the nation's environmental regulations and desecrated local graves in mining regions.

Chinese firms have been discovered extracting minerals within Zimbabwe's wildlife reserves, having acquired permits under ambiguous conditions, while other entities engage in mining along riverbeds, causing significant damage to water systems.

There are also multiple instances where Chinese mining companies have encountered disputes with local communities, accused of encroaching on ancestral lands and desecrating burial sites. “We are seeing that some Chinese companies are excavating our ancestors’ graves to extract granite or gold,” Mr Muguti stated. “Some even remove the bones and set them aside before starting the digging. That is the utmost disrespect towards any individual, regardless of your culture. Therefore, if we don't show patience towards each other, we won't be able to collaborate.” Steve Zhao, CEO of the China-Zimbabwe Exchange Centre, which represents the interests of Chinese nationals, mentioned that most of the issues stem from bureaucratic obstacles. “Chinese companies are encountering numerous difficulties,” Mr Zhao said. “After investing large sums, such as $5 million or $10 million, they face challenges. Some obtain certificates from the Zimbabwe Investment and Development Agency but struggle to acquire work permits. Equipment remains unused because it can't operate. They end up engaging in illegal activities, not out of choice, but due to system delays.” He added that some conflicts between Chinese nationals and locals arise from cultural differences and a lack of understanding of local labor laws. “There are many new people coming in,” Mr Zhao noted. “They aren’t familiar with the local culture. They don’t understand labor laws. That's why we organize workshops with banks and labor agents.” Zimbabwe and China have had long-standing relations that began during the southern African nation's struggle for independence in the 1970s, but the relationship strengthened in the early 2000s when the Asian country started offering significant aid and investment.

China transfers a new parliament to Zimbabwe as a "gift." Zimbabwe's former leader Robert Mugabe initiated a "Look East Policy" despite tense relations with the West, resulting in power plants, a new Parliament building, enhancement of major airports and sports facilities, along with other infrastructure developments.

In recent years, a continuous flow of Chinese individuals has been moving to Zimbabwe, attracted by the common use of the US dollar and the solid relationship between the two nations. However, there are increasing conflicts between the local population and Chinese citizens, stemming from claims of extensive labor rights violations and disputes over land, particularly in mining regions.

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KRA's Cargo Certificate Rule Threatens Small Importers

The compulsory requirement for all shipments entering Kenya to include a Certificate of Origin is expected to significantly affect small operators who combine cargo, according to traders.

The Kenya Revenue Authority (KRA) has mandated that starting July 1, all imports must be accompanied by the specified certificate issued by an authorized body.in the exporting country.

Importers, customs clearing agents and the general public has been warned since then.

To ensure a seamless shift, a temporary period until September1, The year 2025 has been allocated to assist with adherence to regulations and give importers sufficient time to obtain the necessary paperwork.

"Keep in mind that after this period, shipments that do not meet the requirements will be subject to seizure according to the provisions of the Act," Commissioner for Customs and Border Control,Lilian Nyawanda, stated in the notice.

This represents a significant departure from previous procedures, in which Certificates of origin were needed solely for products covered by preferential trade agreements to establish their origin and grant tariff advantages.

A recognized official entity means a governmental department or officially appointed organization in the country from which goods are exported, that has the power to issue certificates of origin.

A Certificate of Origin is considered valid when it includes the name and address of both the exporter and the importer, the port of origin, a precise description of the items, the quantity of the goods, the country of origin; and the country of destination.

Failure to comply will result in the KRA imposing penalties, leading to the confiscation or loss of goods by the Commissioner or an authorized officer.

"KRA continues to focus on promoting legal trade while maintaining complete adherence to the law," Nyawanda stated in the announcement.

The Shippers Council of Eastern Africa (SCEA), which advocates for the interests of importers and exporters, has expressed concerns, stating that the action will affect small traders, particularly those who consolidate cargo. It also describes the move as a "big surprise," referring to the requirement of a standard certificate that does not offer any preferences.

As per SCEA, it has become more frequent for importers to obtain products from carriers that combine shipments from various countries.

For instance, a shipping company located in Singapore might acquire goods from multiple nations including China, Hong Kong, Indonesia, and Malaysia, and then combine the freight into one delivery heading to Kenya.

"In such a situation, we aim to learn about the necessary documentation when importing into Kenya: Does the shipper based in Singapore need to present individual certificates of origin from each original source? We will continue seeking further advice and also request exemptions," said Agayo Ogambi, CEO of SCEA, to the Star.

Trade Agreement for Simplifying Commerce under the World Trade Organization, building onGeneral Agreement on Tariffs and Trade (GATT) Article VIII, emphasisses thatcharges, procedures, and paperwork—including certificates of origin—should be kept to a minimum.

The World Customs Organization also points out that documents indicating origin without preferential treatment should not be required for regular imports.

This is necessary only when a particular trade policy, such as anti-dumping measures, import quotas, or Origin labeling requires it and should be implemented on an individual basis, not automatically.

We will also look for clarity on whether the standard certificate of origin can be regulated by the Tax Procedures Act instead of the East Africa Community Customs Management Act," Ogambi stated, "We value the transitional period but hope to discuss with the Commissioner of Customs KRA about its execution and effects.

KRA’sDepartment of Customs and Border Protection collectsed Sh879.3a billion in the fiscal year concluding June 2025, official statistics reveal, victoryan average daily gathering ofSh3.5 billion.

The performance was driven by non-otaxes that increased by 10.3 per cent to Sh541 billion and oil taxes that increased by 12.5 per cent to Sh338.276 billion.

Import duty grew by 18.3 per cent to Sh157.9 billion with the agricultural and steel industries at the forefront, experiencing increases of 67 per cent and 39 per cent, respectively.

Excise Tax also increased by 11.6 per cent to Sh125.300 billion, Railway Development Charge (RDL) collection increased by 15 per cent to Sh36.820 bmillion while Road Maintenance Levy increased by 50.9 per cent to Sh119.662 billion.

The rise in RML is due to higher applicable rates fromSh18 per litre to Sh£25 per liter. Additionally, oil quantities increased significantly by 13 per cent in July-June 2024-25 mostly from gasoline, diesel and other petroleum products (coal, electrical energy, lubricating greases,among others.)

“The introduction of centralised clearance procedures led to a 62 per centreduction in the time required to clear cargo from 110 hours to 42 hours,” Nyawanda said yesterday.

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QNET strengthens scam battle with CID and EOCO alliance

...establishes a Compliance Office in Accra

QNET, a worldwide direct sales enterprise centered on lifestyle and wellness, has officially established its Compliance Office in Ghana.

The event, attended by the head of the Economic and Organised Crime Office (EOCO) and the Criminal Investigation Department (CID) of the Ghana Police Service, occurred earlier this week at the office location on Lagos Avenue in the East Legon district of Accra, Ghana.

The Ghanaian Compliance department aims to tackle the significant problem of fraudsters who are exploiting its official name to trick unaware citizens.

The head of the Criminal Investigations Department, DCOP Lydia Donkor officially announced the opening of the office when she stated: “The launch of this office holds great significance. QNET is making efforts to ensure that their business name or credibility is not tarnished by allegations of scams and unlawful claims made in their name. As law enforcement, we are also pleased that today's opening is quite important, as it will allow us to collaborate with them or for them to work with us to ensure that proper actions are taken.”

Having this office will be beneficial, ensuring that individuals who misuse the (QNET) name to engage in illegal activities or deceive people are identified. It is time to put an end to these scams occurring both within and outside our country. Therefore, on this day, we are happy to have their executives present. The office is now active, the business is running normally, and people can recognize it when they need to," she said.

Lawyer Naana Quartey, the Global Compliance Officer at QNET, outlined the main goals behind establishing the office. "For far too long, our name has been exploited by criminal groups trying to trick and take advantage of unsuspecting individuals. Many of you in this room—our partners in law enforcement and regulatory bodies—have witnessed firsthand the harm these criminals can cause. That is exactly why this office was created. In basic terms, this office will not only address fraud but also focus on stopping it."

The QNET Compliance Department has three distinct responsibilities:

A Pledge to Responsibility – This office will act as the main contact for all regulatory and legal issues related to QNET in Ghana. In this capacity, QNET will take the initiative in communicating with all governmental agencies, including EOCO, the Police, and the Ghana Immigration Service, among others. QNET's legal and compliance professionals will be attentive, responsive, and ensure that QNET functions with complete openness and responsibility.

A Dedication to Compliance – The office is tasked with overseeing the operations of QNET's independent distributors throughout the nation. QNET will guarantee that they conduct themselves in accordance with legal standards, upholding both the essence and the specifics of ethical business practices. In cases where violations happen, QNET will take firm measures—ranging from disciplinary steps to referring them to authorities for legal action.

A Promise of Safeguarding – Primarily, the office will aim to shield the public from individuals who are falsely using QNET's name. Safeguard QNET's partners against false information. Assist those who have fallen victim to scams by aiding investigations and, whenever feasible, preventing criminal activities through the exchange of intelligence with security organizations like EOCO, Ghana Police, and Ghana Immigration Service.

Ramya Chandrasekaran, the Chief Communications Officer at QI group, the parent company of QNET, stated: "In recent years, QNET has taken part in various public education efforts in Ghana to assist communities in recognizing and steering clear of scams. These efforts involve media interactions, educational programs, and partnerships with relevant stakeholders."

Perhaps most significantly, in August 2024, QNET initiated a country-wide 'QNET Against Scams' campaign, which used radio, television, online platforms, and outdoor advertisements to inform the public about typical fraudulent methods and help them identify warning signs.

These continuous initiatives demonstrate QNET's continued commitment to education and openness. It's not just about restoring our image and addressing false beliefs about our brand, but also about being recognized as a company that genuinely cares for the people of Ghana.

Biram Fall, the Regional General Manager of QNET in sub-Saharan Africa; and Col (rtd) Rashid Salifu, the Managing Director of Bosumtwi Industries and QNET Training Centre in Ghana, attended the event.

EOCO partnership

On Tuesday, July 15, 2025, QNET officially revealed a strategic partnership with EOCO during a press event attended by Mr. Raymond Archer, the acting Executive Director of EOCO, who expressed his backing for QNET's increased efforts to combat scams and the misrepresentation of its brand in Ghana.

QNET's partnership with EOCO aims to actively examine and hinder illegal activities that involve mimicking brands and fraudulent practices; promote the sharing of knowledge and training in identifying and stopping fraud and human trafficking; increase public understanding of how criminal groups function and the indicators of a possible scam; and exchange information about suspicious behavior in an organized and prompt way to enhance enforcement efforts.

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Regulating Virtual Assets: Fintechs Prepare for New Compliance Demands

By Richard NUNEKPEKU &Harold Kwabena FEARON

In continuation of its dedication to overseeing digital assets, the Bank of Ghana (BOG) has initiated the registration process for all Virtual Assets Service Providers (VASPs) functioning within Ghana, such as exchanges, wallet administrators, and custodians.

This preliminary registration process aims to assist the Bank in identifying active participants, evaluating operational risks, and establishing initial oversight prior to the implementation of the upcoming Virtual Asset Service Providers (VASPs) Act.

It represents the initial tangible action in integrating virtual asset businesses within the regulatory framework and indicates the Bank's determination to act swiftly and firmly once the law is passed.

In contrast to mobile money, which is an electronic version of traditional currency (fiat), virtual assets like cryptocurrencies have emerged as completely new digital-only forms of value. Utilizing blockchain technology, they are starting to act as stores of value, means of exchange, and measures of worth – roles typically fulfilled by fiat money. As their usage expands worldwide, authorities across the globe are working quickly to establish clear regulations for their application.

In Ghana, the Central Bank has also acknowledged the need for regulatory clarity. It has stated its plan to establish a formal regulatory system by the end of September 2025, by enacting a new Virtual Asset Service Providers Act – Ghana's initial thorough virtual assets legislation.

For financial technology firms functioning in Ghana or considering market expansion, the new legislation will impose various compliance responsibilities: licensing conditions, anti-money laundering and counter-terrorism financing measures, reporting guidelines, and additional requirements. Being prepared for these compliance expectations and ensuring adherence will be essential for these companies to stay competitive and compliant once the law is implemented. Considering this, this article predicts the compliance challenges, including potential new ones that the upcoming law might bring, and provides some actionable steps for service providers to maintain compliance.

The foundational compliance demands

Although the upcoming Virtual Asset Providers Act is set to establish a specific licensing and regulatory framework for VASPs, the compliance challenges it will bring might not be completely new for participants in the fintech industry. In several respects, the expected standards will resemble the current compliance responsibilities that are already in place for Payment Service Providers (PSPs) and other authorized financial service providers.

Similar to all business organizations, VASPs must establish and register with current primary general regulators including the Office of the Registrar of Companies (ORC), the Ghana Revenue Authority (GRA), the Social Security and National Insurance Trust (SSNIT), the Data Protection Commission, and the appropriate District, Municipal, or Metropolitan Assemblies. The compliance requirements associated with these fundamental legal registrations will remain in effect, and VASPs will be expected to adhere to these responsibilities thoroughly.

Additionally, VASPs are anticipated to follow general financial regulatory guidelines that fintech and financial service companies have traditionally adhered to, such as strong Know Your Customer (KYC) procedures, following Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) measures, and meeting data protection and privacy requirements outlined in the Data Protection Act.

Furthermore, regulatory demands are expected to cover aspects like cybersecurity protections, risk-focused internal controls, and adhering to applicable international certifications such as ISO/PCI DSS along with best practice standards relevant to digital financial services. In essence, although the VASP framework will provide a more organized and customized compliance approach for virtual asset providers, many of its conditions will be based on current regulatory bases.

Some expected new regulatory obligations

Although the regulation of Virtual Assets is expected to be based on the current regulatory framework, it may bring about certain new compliance obligations due to the inherent risks involved. The Central Bank will implement a risk-focused and principle-based compliance system that aligns with global standards and draws from experiences in regions that have already pioneered regulations in the virtual asset sector.

Based on an initial review of the Bank’s Draft Guidelines concerning Digital Assets and remarks from its leadership, the planned regulatory system is expected to be significantly influenced by the principles established under the EU's Markets in Crypto-Assets (MiCA) framework, Singapore's Payment Services Act, Nigeria's SEC Rules for Digital Assets, and Kenya's proposed Virtual Asset Service Providers Bill 2025, along with other similar frameworks. These global examples offer a comprehensive view of what compliance might entail in Ghana.

1. Licensing and regulatory authorization: Ghana's strategy is anticipated to establish a formal licensing system, potentially categorized based on function—such as a cryptocurrency exchange, wallet service, broker-dealer, or custodian. This aligns with the EU's Markets in Crypto-Assets Regulation (MiCA), which requires comprehensive licensing for all types of Crypto Asset Service Providers (CASPs), including fit-and-proper evaluations for leaders and senior staff, along with the provision of thorough business plans, governance structures, and internal policies.

In the same way, Singapore's Monetary Authority (MAS) mandates licensing under its Payment Services Act for Digital Payment Token (DPT) services. Entities offering such services must go through thorough approval procedures to prove their financial stability, internal controls, risk management systems, and cybersecurity readiness.

Kenya's 2025 VASP Bill aims to implement a tiered licensing system, distinguishing between issuers, exchange platforms, custodial services, and wallet providers. In Ghana, we anticipate that the Central Bank will follow a comparable approach, categorizing functions and applying different levels of compliance requirements depending on the risk and size of the service.

1. AML/CFT adherence and the FATF travel rule:Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) will serve as key components of Ghana's regulatory framework for Virtual Asset Service Providers (VASPs). The Financial Action Task Force (FATF)'s Travel Rule, requiring VASPs to gather and share details about the sender and recipient of transactions, has established an international standard.

The EU's updated Transfer of Funds Regulation, known as MiCA, along with Singapore's AML Guidelines (PSN02), all implement the Travel Rule. These regulations require VASPs to conduct Customer Due Diligence (CDD), keep detailed transaction records, watch for warning signs, and report any unusual activity.

In Nigeria, the SEC's digital asset framework mandates that authorized VASPs establish risk-focused AML/CFT programs that comply with the nation's Money Laundering (Prohibition) Act. This involves providing staff training, conducting compliance reviews, and designating a specific compliance officer. Ghana, which is part of both the FATF and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) (the regional FATF equivalent for West Africa), is expected to enforce AML/CFT responsibilities in line with these global standards. Consequently, VASPs will need to record risk evaluations, develop client verification procedures, implement transaction surveillance mechanisms, and ensure ongoing employee education as part of their compliance duties.

1. Information security, confidentiality, and digital safety:The EU's GDPR, which works in conjunction with MiCA, and Singapore's Personal Data Protection Act (PDPA), set standards that are expected to impact Ghana's approach. Both regions mandate digital asset companies to implement data minimization, privacy-by-design concepts, and encryption methods.

Furthermore, the Central Bank's Draft Guidelines regarding Digital Assets highlight a significant focus on cybersecurity strength, indicating that VASPs may need to adopt intrusion detection systems, perform routine penetration testing, and establish disaster recovery plans. For example, the MAS mandates mandatory cybersecurity reviews and bans DPT service providers from offering lending or staking services to individual customers in order to reduce systemic risk. These regulatory requirements are anticipated to be key components of the legislation governing VASPs in Ghana.

1. Consumer rights and financial education:Consumer safety is a key regulatory priority worldwide, and Ghana is anticipated to adopt similar measures. With MiCA, individuals or entities issuing crypto assets and cryptocurrency exchanges must provide explicit risk disclosures, ensure customers comprehend the product details, and keep client funds separate from company resources. Singapore's MAS has taken additional steps by mandating that service providers evaluate customer understanding and willingness to take risks prior to accepting them as clients, and by prohibiting the promotion of digital asset services in public areas or through mass media—actions aimed at protecting retail investors from potential speculative losses.

In the context of Ghana, we expect that the law and regulations will incorporate robust consumer-focused responsibilities, such as transparent fee explanations, product risk markings, channels for lodging complaints, compulsory methods for resolving disputes, and necessary remedies in cases of improper selling or fraud.

1. Management, internal safeguards and disclosure:Numerous regions require the regular submission of financial statements, compliance audits, and operational reports. With MiCA, CASPs must establish a complaints handling system and face regulatory oversight that involves on-site visits and enforcement authority. In Kenya, the VASP Bill suggests submitting quarterly operational reports and mandates the hiring of compliance officers and internal audit roles.

In Ghana, the Central Bank may ask VASPs to appoint a Compliance Officer, provide regular reports, and inform the regulator about any significant business changes. Service Providers might also need to have annual audits, establish governance frameworks, and put in place internal controls similar to those mandated for other financial institutions regulated by the central bank.

1. Innovation trial and temporary regulatory compliance:Another key feature of contemporary VASP systems is innovation. In Japan, regulatory sandboxes are being utilized to support stablecoin initiatives. Singapore's MAS also provides regulatory sandbox frameworks that enable startups to trial their offerings in controlled settings before obtaining full licenses. The UAE's Virtual Assets Regulatory Authority (VARA), via its sandbox, facilitates regulated testing and carefully managed expansion of emerging virtual asset platforms.

Ghana's current Fintech and Innovation Office manages a comparable regulatory sandbox, which could potentially be expanded to include VASP scenarios. This might offer emerging service providers a crucial opportunity to trial blockchain products, token creation processes, or cryptocurrency trading models while being monitored by the regulatory authority.

Suggestions for establishing compliant VASPs

As Ghana gets ready to introduce regulations for virtual assets, the experiences of regions that have already implemented VASP regulatory systems provide useful insights. By learning from these global best practices, Ghana can create a balanced, progressive, and situation-appropriate framework that supports innovation while maintaining the integrity of the financial system. In this context, adopting the following recommendations and regulatory lessons will contribute to establishing a strong virtual asset regime in Ghana:

1. Clear definition and functional categorization of VASP operations:A key advantage of the EU's MiCA regulation, Kenya's VASP Bill 2025, and Singapore's MAS framework is their clear categorization of virtual asset service providers. Rather than implementing a uniform approach, these regions differentiate between custodians, exchanges, brokers, wallet service providers, and issuers, adjusting compliance requirements according to the risks involved in each category. Ghana should follow a comparable functional model, ensuring that regulatory obligations are balanced and directly aligned with the particular services provided.
2. Effortless and clear licensing procedure:In Nigeria, delays and unpredictability in the licensing procedure are said to have discouraged innovation. On the other hand, Singapore and the UAE have established efficient digital licensing platforms, defined timeframes for regulatory responses, and explicit pre-licensing checklists. Ghana could prevent similar issues by implementing a clear, organized application process that features a regulatory pre-engagement phase and publicly available service-level timelines for approvals or inquiries.
3. Integrated anti-money laundering and counter-terrorist financing financial monitoring system:Many regions currently implement the FATF Travel Rule, requiring the gathering and sharing of information about the sender and recipient. Nevertheless, nations such as South Korea and Japan have taken additional steps by incorporating real-time risk assessment, data exchange between agencies, and blockchain analysis into their anti-money laundering systems. Ghana could improve the Financial Intelligence Centre's (FIC) abilities to manage blockchain investigations and collaborate with private companies specializing in blockchain monitoring to better regulate VASPs.
4. Stringent data protection and cyber security regulations:As observed in Hong Kong, Singapore, and Switzerland, cybersecurity and data protection are not viewed as optional components but as fundamental elements of digital asset regulation. These regions implement routine vulnerability assessments, data localization requirements, mandatory breach disclosure, and encryption standards. Ghana's regulatory approach should enhance the Data Protection Act, 2012, by mandating VASPs to have cyber-risk insurance, adopt secure coding methods, and undergo independent third-party evaluations.
5. Regulatory proportionality for new businesses and low-risk VASPS:Overly strict compliance demands on small entities may hinder competition. Kenya's proposed VASP Bill presents a proportionate regulatory approach, providing different levels of licensing that modify requirements according to company size, transaction volume, and potential systemic risk. Ghana could explore implementing a comparable tiered system to prevent smaller fintechs and local VASP startups from being driven out of the market.
6. Regulatory sandbox and innovation areas:Countries such as the UK, Japan, and Singapore have established secure settings for innovation by implementing regulatory sandboxes and financial technology centers. These frameworks enable new offerings to be evaluated under less stringent compliance requirements prior to full implementation. The Central Bank needs to officially expand its sandbox to cover VASP-related services, such as tokenized assets, stablecoins, and decentralized finance applications.
7. Coordination between regulators: The realm of virtual assets frequently overlaps with various responsibilities – financial services, capital markets, cybersecurity, data privacy, and taxation. For example, the UAE's VARA works closely with the Central Bank, the Ministry of Economy, and the Securities Authority. Therefore, Ghana should encourage strong cooperation among the Bank of Ghana, the Securities and Exchange Commission (SEC), the Data Protection Commission, FIC, GRA, Cyber Security Authority, and other business regulators to maintain consistent regulation and avoid overlaps or gaps in oversight.
8. Consumer rights and financial education:In countries with high regulatory standards such as Japan, South Korea, and Singapore, authorities have imposed restrictions on VASP advertising aimed at the general population and require VASPs to evaluate user comprehension of risks prior to registration. Ghana could adopt a forward-thinking approach by mandating that VASPs provide risk disclosures in simple language, restrict aggressive promotional activities targeting inexperienced users, and promote public awareness initiatives about virtual asset risks and consumer rights.

Conclusion

As Ghana is about to implement regulations for its digital asset sector via the upcoming Virtual Asset Providers Act, the nation has a unique and timely chance to create a robust, forward-looking regulatory system. The Bank of Ghana's initiative to establish regulation is both essential and praiseworthy. However, as observed in other regions, successful regulation needs to maintain a delicate equilibrium—safeguarding the system and the public without stifling innovation.

In Ghana's fintech sector, the future is evident: regulation is on the horizon, requiring increased transparency, governance, and adherence to rules. However, it also offers credibility, trust from investors, and an opportunity for international integration. In the end, the effectiveness of Ghana's virtual asset framework will not only rely on the content of the law but also on its execution, inclusiveness, and the industry's preparedness to meet these requirements. We have provided some suggestions in this article.

>>>Richard Nunekpeku serves as the Managing Partner at Sustineri Attorneys PRUC and works as a Technology Consultant. He earned his LL.M from Cornell University (Cornell Tech), where he expanded his knowledge in Law, Technology, and Entrepreneurship. He was also honored with the 2024 CALI "Excellence for the Future Award" for outstanding performance in AI Law and Policy studies at Cornell University, New York. He is open to receiving opinions on this article viarichard@sustineriattorneys.com

>>>Harold Kwabena Fearon serves as an Associate with Sustineri Attorneys PRUC within the Corporate, Governance, and Transactions Practice Group, focusing on delivering legal services to Startups/SMEs, Technology-driven businesses, Fintech firms, and other innovative enterprises. He is open to receiving opinions on this article throughharold@sustineriattorneys.com

Provided by SyndiGate Media Inc. (Syndigate.info).

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Joint Secretary of MoRD Reviews ASRLM Initiatives During Assam Visit

Guwahati ( Assam ) [India], July 4 (ANI): Smriti Sharan, Indian Postal Service (IPoS) Joint Secretary to the Government of India, Ministry of Rural Development (MoRD), visited Assam on Wednesday to review and assess gender-focused interventions under the Assam State Rural Livelihoods Mission (ASRLM). She was accompanied by Sunandita Banerjee, Consultant from the National Mission Management Unit, DAY NRLM.The visit was marked by the presence of Kuntal Mani Sharma Bordoloi, IAS, State Mission Director, ASRLM, who extended a warm welcome to the Joint Secretary and led the review deliberations. Discussions centred on the functioning of the Gender Resource Centre and the Nari Xuraksha Kokh, both crucial in tackling gender-based violence and promoting equity and empowerment at the grassroots level.As part of the visit, the Joint Secretary also conducted a comprehensive review of the State Mission Management Unit (SMMU), ASRLM. She interacted with senior officials, assessed the status of gender initiatives under ASRLM, and examined the progress of policy implementation, training rollouts, and convergence frameworks. She appreciated the structured efforts being made by the SMMU team and encouraged further strengthening of institutional capacities to deepen the gender discourse across the state.Later in the day, the Joint Secretary participated in the Training of Trainers (ToT) Programme on the 17 Gender Modules, held at the Don Bosco Institute of Management, Kharghuli. The event witnessed active participation from District Functional Experts (DFEs) from across Assam and senior functionaries from the Mission.

The programme was conducted in the esteemed presence of Kuntal MS Bordoloi, who emphasised the importance of gender-responsive training and local leadership.During her interaction with field-level functionaries, Sharan praised the DFEs for their frontline work in addressing critical issues such as gender-based violence, child marriage, and school dropouts in rural Assam . She acknowledged the challenges and reaffirmed MoRD's commitment to supporting grassroots innovations. She also reiterated support for Chief Minister Himanta Biswa Sarma's vision to eliminate child marriage in Assam by 2026, recognising the vital role of ASRLM in achieving this target.The Joint Secretary especially appreciated the convergence approach adopted by ASRLM in collaboration with the Women and Child Development (WCD) and Health departments. She noted that such integrative efforts are crucial for developing sustainable, community-driven solutions to gender-based challenges.Sharan expressed heartfelt appreciation for ASRLM's inclusive, SHG-led model of women's empowerment and acknowledged the dedicated efforts of the team. She thanked Kuntal MS Bordoloi and the entire ASRLM fraternity for the warm hospitality and the robust systems demonstrated during her visit.On July 4th, 2025, the Joint Secretary, along with the NMMU Team, will undertake field visits to Dimoria block (Kamrup Metro) and Mayong block (Morigaon) to observe grassroots implementation of gender interventions and interact with SHG members and village organisations. (ANI)

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