Ghana’s Central Bank, under Governor Dr. Johnson Asiama, is set to transform the nation’s cryptocurrency landscape with a new regulatory framework. By September 2025, the Bank will submit the Virtual Asset Providers Act to parliament. This move reverses its 2018 warning against unregulated cryptocurrencies like Bitcoin.
Ghana Unveils New Regulatory Framework
The Securities and Exchange Commission (SEC) will handle oversight of tokenized assets separately. This is important because about 3 million adults in Ghana currently use virtual currencies. The main goal of these new rules is to improve transparency and build trust among consumers and investors.
Ghana’s focus on regulation reflects its young, tech-savvy population. As the country faces economic difficulties and the value of the Ghanaian cedi drops, more people are turning to virtual currencies for transactions and saving. The new regulations aim to reduce risks from fraud and market manipulation while supporting cross-border trade, which is important for the country’s growth.
Ghana is also testing its digital currency, the e-Cedi, to become a fintech hub in West Africa, competing with countries like Nigeria and South Africa in the rapidly changing digital finance sector.
Ghana’s New Rules Explained
The new rules follow international standards set by the Financial Action Task Force (FATF) and encourage cooperation between countries. Key focuses include strong measures against money laundering and terrorism financing to keep Ghana’s financial system secure. Platforms that do not register or follow these rules could face fines or bans, ensuring strict compliance.
The Central Bank of Ghana aims to support innovation in the fintech sector while also protecting consumers. This balanced approach will help ensure long-term financial stability and create a safe, innovative environment for digital assets in the country.
Globally, the rising number of nations delving into digital assets has necessitated the need for a clarified framework and regulatory compliance, with the U.S. leading the way with the recent promulgation of the GENIUS Act.
Similarly, the Hong Kong Securities and Futures Commission (SFC) in 2024 swiftly expanded the city’s crypto industry by issuing more licenses to crypto exchanges in batches. The SFC’s decision to issue more licenses to crypto exchanges comes as the regulatory body celebrates its 35th anniversary this year.