Ghana officially legalizes Crypto Assets trading and plans to explore gold-backed stablecoins.

On December 23, Ghana announced on Monday that Parliament has passed the “Virtual Asset Service Provider Bill.” According to this bill, individuals or institutions engaged in digital asset-related businesses must register with and be regulated by the Bank of Ghana or the SEC, depending on the nature of their business. Johnson Asiama, Governor of the Bank of Ghana, stated that this bill lays the foundation for the licensing and regulation of the virtual asset industry, ensuring that emerging activities are included within a clear, accountable, and well-governed framework. He also pointed out in a previous speech that the passage of the bill means that individuals will no longer be arrested for trading Crypto Assets, and the goal of the new framework is to manage related risks effectively. Data shows that Ghana processed approximately $3 billion in Crypto Assets transactions from July 2023 to June 2024, with around 17% of adults in the country believed to have used Crypto Assets. Ghana plans to focus on promoting the application of encryption technology in areas such as payments, trade financing, forex settlement, and market infrastructure by 2026 to support cross-border business activities, including “targeted explorations” of asset-backed digital settlement tools such as gold-backed stablecoins.