Ghana Officially Legalizes Cryptocurrency Trading, Plans to Explore Gold-Backed Stablecoin

BlockBeats News, December 23rd. On Monday, the Ghanaian side announced that parliament has passed the "Virtual Asset Service Providers Act." According to the Act, individuals or institutions engaged in digital asset-related businesses are required to register with and be regulated by the Bank of Ghana or the Securities and Exchange Commission of Ghana based on the nature of their business.

Johnson Asiama, Governor of the Bank of Ghana, stated that the Act establishes the foundation for licensing and regulating the virtual asset industry, ensuring that emerging activities are incorporated into a clear, accountable, and well-governed framework. In a previous speech, he also noted that the passage of the Act means that individuals will no longer be arrested for trading cryptocurrency, and the goal of the new framework is to effectively manage related risks.

Data shows that Ghana handled approximately $3 billion in cryptocurrency transactions between July 2023 and June 2024, with around 17% of the country's adults believed to have used cryptocurrency.

Ghana plans to focus on driving the application of blockchain technology in areas such as payments, trade finance, foreign exchange settlement, and market infrastructure in 2026 to support cross-border commercial activities, including "targeted exploration" of asset-backed digital settlement tools such as stablecoins backed by gold.