Ghana has officially legalized cryptocurrency trading following passage of the Virtual Asset Service Providers (VASP) bill.
Per ETHNews, the legislation was signed into law between December 19 and 22, establishing a national legal framework for digital asset activity.
Summary
- Ghana’s new law allows individuals and businesses in Ghana to engage in cryptocurrency trading within regulatory boundaries.
- The move ends years of legal ambiguity surrounding digital assets in the West African nation.
- Licensed firms will be required to meet compliance standards related to reporting, consumer protection, and risk controls.
The law allows individuals and businesses in Ghana to engage in cryptocurrency trading within regulatory boundaries, ending years of legal ambiguity surrounding digital assets in the West African nation.
Under the new framework, oversight of the cryptocurrency sector will be divided between the Bank of Ghana and the Securities and Exchange Commission. The two regulatory bodies are tasked with licensing, supervising, and regulating Virtual Asset Service Providers, including exchanges and wallet operators.
Licensed firms will be required to meet compliance standards related to reporting, consumer protection, and risk controls, according to the legislation. The framework targets risks including fraud, money laundering, and terrorism financing.
The law places Ghana among a growing number of countries that have opted for regulated participation in cryptocurrency markets rather than imposing outright bans.
Ghana plans to explore asset-backed digital settlement tools, including gold-backed stablecoins, by 2026, according to the report. The initiative would utilize the country’s gold reserves to support blockchain-based payments, trade finance, and cross-border settlement infrastructure.
The regulatory approach represents a shift from the informal cryptocurrency trading that previously occurred in Ghana without formal legal status. The framework establishes licensing requirements and supervision mechanisms for digital asset service providers operating in the country.
In October, the Bank of Ghana’s governor, Johnson Asiama, said that the regulators had been working on a draft over the past four months.
The legislation comes as multiple African nations examine digital finance models and blockchain technology integration into their financial systems.
Source: https://crypto.news/ghana-legalizes-cryptocurrency-trading-under-new/
