Ghana Parliament Legalizes Cryptocurrency with New Regulatory Framework
Ghana's parliament has passed the Virtual Asset Service Providers Bill, marking a decisive shift toward cryptocurrency regulation. Bank of Ghana Governor Johnson Asiama confirmed the legislation, which establishes licensing protocols for crypto platforms and formal oversight mechanisms.
The move addresses central bank concerns over unregulated crypto adoption, with an estimated 17% of Ghanaian adults—nearly 3 million people—engaged in digital asset transactions. Web3 Africa Group data shows $3 billion in crypto transactions flowed through Ghana in the twelve months through June 2024.
"This framework transforms speculative activity into a supervised financial sector," Asiama stated in Accra. The law provides legal certainty for market participants while enabling risk mitigation strategies previously impossible under informal trading conditions.
