"Ghana has legalized bitcoin and crypto trading after parliament passed the Virtual Asset Service Providers Bill, 2025, ending years of regulatory uncertainty around digital assets in the West African nation. The law establishes a formal framework for licensing, supervising, and regulating crypto-related businesses, according to Bloomberg reporting. It also grants the Bank of Ghana authority to oversee the sector, with a focus on consumer protection, financial stability, and risk management."
"Under the new framework, individuals will no longer face arrest or legal risk for trading cryptocurrency. However, companies offering digital asset services must now obtain licenses, comply with reporting requirements, and submit to ongoing supervision, according to reports. Operators that fail to meet standards may face sanctions or closure. The central bank said the move responds to concerns about fraud, money laundering, and misuse of customer funds, while recognizing the scale of adoption in the country."
The Virtual Asset Service Providers Bill, 2025 establishes a formal licensing, supervision, and regulatory framework for crypto businesses and grants the Bank of Ghana authority to oversee the sector with emphasis on consumer protection, financial stability, and risk management. Individuals are no longer at legal risk for trading cryptocurrency, while digital-asset service providers must obtain licenses, comply with reporting, and submit to ongoing supervision or face sanctions. The central bank cited concerns about fraud, money laundering, and misuse of customer funds while acknowledging widespread adoption: roughly 3 million Ghanaians have traded crypto and transactions reached about $3 billion through June 2024. Regulation aims to lower bank costs, improve customer experience, support small and medium enterprises, and attract responsible investors and fintech firms.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]