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On Monday, Ghana announced that Parliament has passed the "Virtual Asset Service Providers Bill." According to the bill, individuals or institutions engaged in digital asset-related businesses must register with and be regulated by 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 that the bill lays the foundation for the licensing and regulation of the virtual asset industry, ensuring that emerging activities are incorporated into a clear, accountable, and well-governed framework. He also pointed out in a previous speech that the passage of the bill means that individuals will no longer be arrested for trading cryptocurrencies, and the goal of the new framework is to effectively manage the associated risks.Data shows that Ghana processed approximately $3 billion in cryptocurrency transactions from July 2023 to June 2024, with about 17% of adults in the country believed to have used crypto assets. Ghana plans to focus on promoting the application of crypto technology in areas such as payments, trade financing, foreign exchange settlement, and market infrastructure by 2026 to support cross-border business activities, including "targeted exploration" of asset-backed digital settlement tools such as gold-backed stablecoins.

The Ghanaian Parliament 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 the Bank of Ghana or the Securities and Exchange Commission, depending on the nature of their business.Bank of Ghana Governor Johnson Asiama 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's passage, no one will be arrested for trading cryptocurrencies. Additionally, Ghana plans to conduct special explorations in 2026 regarding payments, trade financing, and market infrastructure, which includes researching asset-backed digital settlement tools such as gold-backed stablecoins. According to estimates from Web3 Africa Group, Ghana processed approximately $3 billion in cryptocurrency transactions between July 2023 and June 2024.

According to Bloomberg, the Ghanaian Parliament has approved a bill to legalize cryptocurrency, aimed at addressing the issue of the expanding use of cryptocurrency in the country without regulation.According to Bank of Ghana Governor Johnson Asiamah, the newly passed Virtual Asset Service Providers Act will facilitate the licensing of crypto platforms and the regulation of related activities. Previously, the Governor of the Bank of Ghana stated that cryptocurrency regulatory legislation would be introduced by the end of 2025.

ChainCatcher news, according to Bloomberg, Johnson Asiama, the Governor of the Central Bank of Ghana, stated during a break at the International Monetary Fund (IMF) meeting in Washington on Thursday that Ghana expects to introduce a law regulating cryptocurrencies and virtual assets by the end of December.Asiama said, "This is an important area, and we must strengthen the regulation and monitoring of these transactions. We have developed a regulatory framework and introduced a new bill to regulate virtual assets. This bill has been submitted to Parliament, and we hope it will be passed by the end of December, at which point we will be able to regulate cryptocurrencies in Ghana." He mentioned that as Africa's largest gold producer, Ghana is establishing a new department and cultivating relevant expertise to support the regulatory work in this field.

ChainCatcher news, according to Jinshi reports, the Bank of Ghana has lowered the benchmark interest rate from 28% to 25%, a reduction of 300 basis points.

ChainCatcher news, according to Jinshi Data citing Bloomberg, Ghana plans to issue licenses for cryptocurrency platforms as authorities aim to generate revenue while regulating an asset class used by millions in this West African country.The Governor of the Bank of Ghana stated that the central bank is finalizing a regulatory framework, which is planned to be submitted to Parliament for review in September. The proposed legislation will enable the country to fully leverage cryptocurrency, promote cross-border trade, attract strategic investments, and collect financial data.

ChainCatcher news, according to Bloomberg, Ghana's central bank governor Johnson Asiama stated that Ghana is developing a gold export price hedging plan aimed at protecting the revenue from gold exports and avoiding the impact of future price fluctuations on the central bank's foreign exchange reserves.In addition, Asiama mentioned that Ghana is finalizing a regulatory framework for cryptocurrency trading to bring trading platforms and other digital asset platforms under formal regulation. The regulation will enable the Bank of Ghana to incorporate virtual currencies into its anti-money laundering and counter-terrorism financing rules, ensuring that digital innovation supports rather than undermines foreign exchange controls and monetary stability.

ChainCatcher news, according to Jinshi reports, market news indicates that Ghana requires virtual asset companies to complete registration by August 15.

ChainCatcher news, according to Bitcoin.com, Ghana's central bank governor Johnson Asiama stated in Washington that the central bank will establish a dedicated digital assets department and plans to launch regulation of cryptocurrencies and related platforms by the end of September 2025 after the passage of the "Virtual Asset Service Provider Act," emphasizing that the trend of blockchain technology is unstoppable.

ChainCatcher news reports that the Bank of Ghana has released a draft regulation aimed at establishing a framework for the cryptocurrency industry. These rules are designed to protect consumers, prevent financial crimes, and encourage financial inclusion. Virtual Asset Service Providers (VASP) will be required to register and meet strict standards, while commercial banks will be prohibited from directly dealing with virtual asset businesses. The public has the opportunity to provide feedback on the proposed regulations before they are finalized.The Bank of Ghana (BoG) recently announced a draft regulation aimed at establishing a regulatory framework for digital assets. The rules were published on August 16 and are intended to promote financial inclusion while protecting cryptocurrency users. The central bank's decision came after a comprehensive analysis of digital assets such as Bitcoin (BTC) and USDT stablecoins. The analysis found that as internet access increases and Virtual Asset Service Providers (VASP) emerge, a growing number of tech-savvy individuals in Ghana are using digital assets. Although the usage rate of cryptocurrencies remains low compared to traditional finance, the Bank of Ghana believes that the role of cryptocurrencies in cross-border payments and remittances needs regulation. These regulations aim to address issues of money laundering, fraud, and cybersecurity threats while complying with international standards.Additionally, Virtual Asset Service Providers must meet capital requirements and have internal controls and risk management frameworks. The draft clearly states that commercial and registered financial institutions can only provide services to registered Virtual Asset Service Providers. No bank or financial institution is allowed to directly handle business related to virtual assets. Before finalizing the regulations, BoG will conduct a sandbox testing process to identify potential issues or refine the rules. The public can submit feedback until August 31.

ChainCatcher news, according to Cointelegraph, the Bank of Ghana (BoG) has proposed new regulatory measures for digital assets after conducting a comprehensive internal review of Bitcoin, USDT, and other cryptocurrencies.On August 16, the Central Bank of Ghana released a draft guideline for digital assets and sought feedback from the public and industry stakeholders on the upcoming cryptocurrency regulations.According to the Bank of Ghana, data collected over the past three years indicates a significant increase in demand for cryptocurrencies in Ghana. Therefore, Ghana intends to implement laws addressing risks such as money laundering, terrorist financing, and fraud, as well as measures to protect consumer rights.The Central Bank of Ghana has proposed a cryptocurrency regulatory framework consisting of eight pillars, primarily aimed at strengthening registration and reporting requirements for cryptocurrency trading platforms or virtual asset service providers (VASPs). The central bank is currently soliciting suggestions from industry professionals, experts, and the public, with a deadline of August 31.

ChainCatcher message, the Bank of Ghana (BOG) and the Monetary Authority of Singapore (MAS) have completed the proof of concept for the Digital Economy Semi-Fungible Token (DESFT) project. The project aims to encourage trade between micro, small, and medium enterprises (MSMEs) in both countries. Within the project, real-time transactions have been conducted between the two parties. According to Ample FinTech, headquartered in Singapore, they utilized the Universal Trusted Credential Semi-Fungible Token Protocol developed by the United Nations Development Programme, which the company claims to be the developer of DESFT. The token contains verified licenses, certificates, and transaction records.

ChainCatcher news, Ghana's Vice President Dr. Mahamudu Bawumia recently stated that the next phase of Ghana's digitalization plan is to transform itself into the first blockchain-driven government in Africa. The automation capabilities of this technology could save Ghana and the African continent billions of dollars lost due to corruption.

ChainCatcher news, the Built With Bitcoin Foundation (BWB) announced the establishment of a new technology center in Ghana, with the official inauguration ceremony held on Thursday. BWB aims to educate and train at least 400 residents in the first year of operation. It is reported that the "Bitcoin Technology Center" will focus on financial and technical education, and aims to "foster a safe learning environment." (Coindesk)