BlockBeats News, on December 23, Ghana announced on Monday that Parliament has passed the (Virtual Asset Service Provider Bill). According to the bill, 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 the business.
Johnson Asiama, the Governor of the Bank of Ghana, stated that the bill lays the foundation for the licensing and regulation of the virtual asset industry, ensuring that emerging activities are incorporated into a clear, accountable, and well-governed framework. He previously pointed out in a speech that the passage of the bill means that individuals will no longer be arrested for trading cryptocurrencies, and the aim of the new framework is to effectively manage related risks.
Data shows that Ghana processed cryptocurrency transactions worth approximately $3 billion from July 2023 to June 2024, with about 17% of adults in the country considered to have used crypto assets.
Ghana plans to focus on promoting the application of crypto technology in areas such as payments, trade financing, foreign exchange settlements, and market infrastructure by 2026, including targeted exploration of asset-backed digital settlement tools such as stablecoins backed by gold.