The Virtual Asset Service Providers Act, passed by Parliament in Ghana, creates a licensing and regulatory framework for digital asset businesses. It requires entities to register with the Bank of Ghana or the Securities and Exchange Commission of Ghana based on activity, establishing formal oversight of the crypto ecosystem.
Governor Johnson Asiama of the Bank of Ghana described the act as a milestone for formalizing the sector, laying down a licensing regime and governance standards that address risk and transparency. He noted the framework aims to reduce enforcement ambiguity and align actions with the new regulatory rules.
Recent data indicate Ghana processed roughly $3 billion in cryptocurrency activity during July 2023 to June 2024, with about 17% of adults engaging with digital assets. Looking ahead to 2026, policymakers plan to advance blockchain applications in payments, trade finance, FX settlement, and market infrastructure, including potential gold-backed stablecoins.
Source: https://en.coinotag.com/breakingnews/ghana-passes-virtual-asset-service-providers-act-to-regulate-cryptocurrency-market-and-promote-gold-backed-stablecoins
