- Ghana’s central bank drafting crypto rules to license virtual asset platforms soon.
- New crypto laws aim to boost cross-border trade, investment, financial data.
- All crypto firms must register with Bank of Ghana by August.
Ghana is taking a big step toward regulating cryptocurrencies. The Central Bank of Ghana plans to submit a draft regulatory framework for crypto platforms to parliament by September this year. The act will enable the nation to authorize the use of virtual asset platforms.
Crypto Laws to Boost Trade, Data, Investment in Ghana
In Ghana, approximately 17 percent (3 million) of adults use cryptocurrencies nowadays. The government thus wishes to have this fast-growing market to be safe and well-managed.
In an interview, Governor of the Bank of Ghana, Johnson Asiama, revealed further information. According to him, the new regulations would enable the nation to leverage on cryptocurrencies. As an example, the new law may increase cross border trade, attract investment and assist the government in gathering improved financial statistics.
The plan of the Bank of Ghana is a part of a larger plan. The country desires to enjoy the opportunities that the digital assets offer without risking too much. This is the reason why the bank is considering new innovations such as RippleNet. RippleNet is the blockchain payment network that has already been adopted by such countries as Japan and the UAE. The U.S Federal Reserve and the European Central Bank are also studying it.
Through RippleNet, Ghana would be in a position of cross-border payments faster and at a reduced cost. The digital currency in the country, e-Cedi might also be compatible with this system. This is how Ghana plans to make it more affordable and less costly to send and receive money to and fro other nations.
Right now, the currency of Ghana, the cedi has been performing well in the recent past. Bloomberg stated that cedi appreciated 48 percent last year. This is a positive development since the previous year, cedi had depreciated by 25 percent.
Ghana Orders All Crypto Firms to Register by August 15, 2025
Governor Asiama indicated that it is already a reality that many businesses in the country already use cryptocurrencies to make payments and transactions. But it is not officially known how many companies are involved since there are no clear rules at the moment.
Recently, the Bank of Ghana made a new announcement for crypto firms. It issued a notice to all Virtual Asset Service Providers, or VASPs. The notice indicates that all VASPs have to be registered with the central bank by August 15, 2025. This will enable the bank to familiarize itself with the companies that exist in the crypto world.
The road is not all rosy, though. Overregulation may harm the cryptocurrency world. Innovation may turn underground in case rules are too stringent. Ghana hosts a large number of the population of young people who are already using new technologies, such as DeFi and Web3. These are fast-developing sectors, and excessive regulations may drive away these young innovators.
Conversely, an insufficient amount of regulation may go wrong as well. The lack of strict guidelines might lead the country to issues of money laundering, tax evasion, and illegal funding.
Ghana is looking to balance it out. The central bank also has the hope of developing rules that will safeguard the investors yet will foster innovation. When properly done, Ghana would be the pioneer in Africa to the safe, intelligent use of crypto.
To sum up, the intention of Ghana to control cryptocurrencies proves the level of interest in digital finance in the country. New rules will be made available to the parliament by September. This might bring out new chances to businesses, investor,s and ordinary citizens.