Ghana legalizes crypto trading with new law, plans to explore gold-backed stablecoins

Ghana has officially legalized cryptocurrency trading by passing the Virtual Asset Service Providers Bill, moving local digital asset activities out of a regulatory gray area. This new law mandates that individuals and entities conducting digital asset activities must register with either the Bank of Ghana (BoG) or the Securities and Exchange Commission, depending on the activity's nature. BoG Governor Johnson Asiama stated the framework ensures accountability and governance, confirming that trading crypto is now legal and individuals will not be arrested for it. Ghana saw approximately $3 billion in crypto transactions between July 2023 and June 2024, with an estimated 17% of the adult population using crypto. Looking ahead to 2026, Ghana plans to focus on payments, trade finance, and FX settlement, which will include a targeted exploration of asset-backed digital settlement instruments, such as gold-backed stablecoins.

(Source：The Block)