Ghana Passes Crypto Legalization Bill with Regulation

Ghana's parliament has passed the Virtual Asset Service Providers Bill into law, legalizing cryptocurrency trading and establishing a regulatory framework to oversee the sector, Bank of Ghana Governor Johnson Asiama announced on December 19 in Accra. The legislation ends years of legal uncertainty for users and businesses in one of West Africa's most active digital asset markets, while granting the central bank authority to license and supervise providers.

The announcement came during the Bank of Ghana's annual Nine Lessons, Carols, and Thanksgiving Service. Asiama clarified that virtual asset trading is now lawful nationwide, meaning individuals engaging in cryptocurrency activities will no longer face arrest. However, he emphasized that the law introduces strict oversight to address risks such as fraud, money laundering, and threats to financial stability. "We now have a framework to manage it and to manage the risks that can involve that kind of activity," Asiama said. The central bank will enforce rules on transparency, accountability, and compliance, aligning crypto operations with standards applied to traditional financial services.

This regulatory push responds to the...