Ghana legalizes crypto trading with new law, plans to explore gold-backed stablecoins

Ghana has officially legalized crypto trading, launching a regulatory framework that brings local digital asset activities out of a legal gray area.

On Monday, Ghana announced that its parliament passed the Virtual Asset Service Providers Bill, which stipulates that persons and entities seeking to conduct digital asset activities will need to register with the Bank of Ghana or the Securities and Exchange Commission, depending on the nature of the activity.

"The Bill establishes the basis for licensing and supervising participants in this space, ensuring that emerging activity is brought within clear, accountable, and well-governed boundaries," said Johnson Asiama, Governor of the BoG.

The BoG governor also said in a speech last week that the passage of the bill means that "no one is going to be arrested" for trading crypto, as the framework is designed to manage the risks associated with such activities, according to a report from local news outlet GhanaWeb.

Ghana processed around $3 billion worth of crypto transactions from July 2023 to June 2024, Accra-based digital asset firm Web3 Africa Group estimated. Around 17% of the country's adult population is estimated to use crypto.

In 2026, Ghana intends to focus on payments, trade finance, FX settlement and market infrastructure to support cross-border commerce, Governor Asiama said. The effort will include "targeted exploration" of asset-backed digital settlement instruments, including gold-backed stablecoins.

"Innovation will remain central, with sharper expectations," said the BoG governor. "Priority will be given to solutions that demonstrably lower costs, expand access, strengthen compliance, and improve risk management."