Ghana has taken a major step toward regulating digital assets by approving a law to legalize cryptocurrency trading.
Ghana’s parliament has approved the legalization of cryptocurrency, marking a major move to regulate the country’s fast-growing digital asset market. The decision follows concerns from the Bank of Ghana (BoG) over the widespread and unregulated use of virtual currencies.
According to the BoG, nearly 3 million Ghanaians, about 17% of the adult population, are involved in crypto transactions. BoG Governor Johnson Asiama said the new Virtual Asset Service Providers Bill will allow authorities to license and supervise crypto platforms, bringing the sector under clear and accountable rules.
Asiama noted that crypto activity has implications for managing the cedi and stressed that regulation will improve transparency and oversight. He added that proper supervision will lower banking costs, improve customer experience, and support small businesses and traders.
Crypto transactions in Ghana reached an estimated $3 billion by June 2024, highlighting the sector’s rapid growth. Authorities say the new law balances innovation with financial stability and investor protection.
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