Ghana's Crypto Regulations Set for 2025 Amidst Growing African Adoption
Ghana's Crypto Regulations Set for 2025 Amidst Growing African Adoption
The Governor of the Bank of Ghana announced that the country will implement crypto regulations by the end of 2025, following draft guidelines released last year. This move aims to provide a solid legal framework for crypto investors and businesses, aligning Ghana with nine other African nations that have established laws for digital assets. Crypto adoption is rapidly increasing in Africa, especially in Sub-Saharan regions, prompting lawmakers to take action. At an IMF meeting, Governor Johnson Asiama stated that the bill is progressing to parliament, with hopes for regulation by December. The proposed framework includes enhanced registration and reporting for exchanges and virtual asset service providers (VASPs). Currently, around 3 million Ghanaians, nearly 9% of the population, engage in crypto. Other African nations, like South Africa and Nigeria, have also made strides in crypto regulation, with various frameworks being developed to ensure consumer protection and market integrity. This reflects a broader trend of increasing regulatory clarity across the continent.