Ghana legalizes cryptocurrency trading with new bill, plans to explore gold-backed stablecoin

According to Odaily, the Parliament of Ghana has voted to pass the Virtual Asset Service Providers Bill, officially legalizing cryptocurrency trading and related digital asset activities. The bill stipulates that individuals and entities engaged in digital asset activities must register with either the Bank of Ghana or the Securities and Exchange Commission, depending on the nature of their business.

Johnson Asiama, Governor of the Bank of Ghana, stated in his speech that the bill lays the foundation for the licensing and supervision of industry participants, ensuring that emerging activities are incorporated into a transparent and regulated framework. Johnson Asiama made it clear that after the bill is passed, no one will be arrested for trading cryptocurrencies. In addition, Ghana plans to launch special explorations in 2026 targeting payments, trade finance, and market infrastructure, including research into asset-backed digital settlement tools such as gold-collateralized stablecoins. According to estimates by Web3 Africa Group, Ghana processed approximately $3 billion in cryptocurrency transactions between July 2023 and June 2024.