The Ghanaian Parliament is reportedly considering a bill to legalize cryptocurrency, addressing unregulated usage amid reports of high local adoption, but confirmation of approval remains elusive..

The move signals Ghana’s intent to regulate the burgeoning crypto market, with potential implications for local financial systems and investor dynamics despite a lack of official enactment confirmation.

If adopted, the bill would introduce legal oversight of crypto platforms, requiring the registration of Virtual Asset Service Providers (VASPs). The bill aims to enhance the transparency and security of cryptocurrency activities within Ghana, aligning with international standards such as the Financial Action Task Force’s Travel Rule. However, there has been no official confirmation yet on whether the bill has been passed. Governor Asiamah indicated at recent IMF meetings that the legislation is crucial for tackling unregulated crypto use. Industry leaders and the financial community are watching developments closely, although no major public statements from prominent figures have surfaced.

Ghana’s Crypto Regulation Could Spark Regional Innovation

Ghana’s move towards crypto regulation mirrors similar actions taken by Kenya and Nigeria, each developing frameworks to address growing digital asset popularity. Observers note that Ghana’s participation in international regulatory frameworks could boost investor confidence and international cooperation. Successful regulation could drive innovation and investment within Ghana’s digital financial sector. The potential establishment of a new oversight division by the Bank of Ghana would provide the necessary infrastructure to handle the complexities of cryptocurrency operations, ensuring compliance and fostering a secure trading environment.

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