Ghana Introduces State Regulation of Crypto Market

Source: Coinspaidmedia Original Title: Ghana Introduces State Regulation of Crypto Market Original Link: https://coinspaidmedia.com/news/ghana-introduces-crypto-market-state-regulation/ Ghanaian authorities officially authorized cryptocurrency trading by adopting the virtual asset service providers (VASP) law. The new legal framework introduces licensing, regulatory oversight, and consumer protection measures.

Ghana’s Parliament passed the Virtual Asset Service Providers Bill, which for the first time legalizes crypto operations at the state level and establishes unified rules for participants in the digital asset market.

Depending on the nature of their activities, licensing and supervision will be carried out either by the Bank of Ghana (BoG) or by the Securities and Exchange Commission (SEC). Regulators plan to issue secondary legislation and guidelines in the coming months to detail the requirements for market participants.

According to estimates by the central bank, around 3 million people in Ghana use cryptocurrencies, accounting for approximately 17% of the country’s adult population. Data from Web3 Africa Group shows that the volume of crypto transactions in Ghana reached about $3 billion over the past year.

Johnson Asiama, Governor of the BoG, stated that the new law creates a comprehensive regulatory framework for overseeing digital asset transactions and managing related risks. He emphasized that the legislation put an end to the legal uncertainty that previously surrounded cryptocurrencies in the country.

“Effectively, virtual assets trading is now legal, but we now have the framework to manage the risks involved,” the official said.

At the same time, legalization doesn’t mean complete freedom for the market. As the BoG governor stressed, the new rules are aimed at protecting consumers and the financial system rather than removing all restrictions. Particular attention is paid to preventing abuse and strengthening oversight of market participants.

The law is also focused on expanding financial inclusion and supporting innovation. According to the authorities, formalizing the sector will help attract responsible investors and FinTech companies, create new jobs, and diversify the economy.

In parallel, amendments were adopted to the Bank of Ghana Act to strengthen the regulator’s independence and prevent crises similar to the 2022 domestic debt crisis, when Ghanaian authorities were forced to carry out a large-scale restructuring of public liabilities. The new provisions enhance corporate governance and operational safeguards, which should increase the resilience of the financial system.

From July 2024 to June 2025, sub-Saharan African countries received more than $205 billion in on-chain transactions, with Ghana ranking among the top five cryptocurrency markets in the region.