Ghana Aims to Regulate Cryptocurrency by Year-End

The Bank of Ghana is making progress towards establishing comprehensive cryptocurrency regulations in Ghana. Governor Johnson Asiama announced at an IMF meeting that the country is on track to enact these regulations by December, after submitting a bill to Parliament earlier this year. The legislation proposes an eight-pillar framework, including stricter registration and reporting requirements for exchanges and virtual asset service providers (VASPs). This move aims to address the growing interest in cryptocurrencies among Ghanaian investors. Approximately 3 million Ghanaians are currently utilizing cryptocurrencies, representing nearly 9% of the population.