BlockBeats news, December 23, Ghana announced on Monday that parliament has passed the Virtual Asset Service Provider Act. According to the act, individuals or institutions engaged in digital asset-related businesses must register with and be regulated by the Bank of Ghana or the Securities and Exchange Commission, depending on the nature of their operations.
Bank of Ghana Governor Johnson Asiama stated that the act lays the foundation for licensing and regulation in the virtual asset industry, ensuring that emerging activities are incorporated into a clear, accountable, and well-governed framework. He previously noted in a speech that the passage of the act means individuals will no longer be arrested for trading cryptocurrencies, with the new framework aiming to effectively manage associated risks.
Data shows that Ghana processed approximately $30 billion in cryptocurrency transactions between July 2023 and June 2024, with about 17% of the country’s adults believed to have used crypto assets.
Ghana plans to focus on promoting the application of crypto technology in areas such as payments, trade finance, foreign exchange settlement, and market infrastructure by 2026 to support cross-border commercial activities, including “targeted exploration” of asset-backed digital settlement tools like gold-backed stablecoins.
