West Africa legalizes digital trading - Ghana changes regulations regarding cryptocurrencies

The closure of the legal gap in Ghana marks a breakthrough for the entire region. After years of regulatory uncertainty, the country officially granted legal status to digital asset operations through the Virtual Asset Service Provider (VASP) Act. This is not only a change for Ghana itself – it indicates a new direction for African countries interested in formalizing their blockchain and Web3 sectors.

What does the new supervisory system look like?

The country’s parliament adopted a comprehensive regulatory framework that introduces licensing requirements and bases the supervisory system on two pillars. The Bank of Ghana and the Securities and Exchange Commission have been respectively assigned responsibilities depending on the type of activity. They are now preparing detailed implementation guidelines, which are expected to be ready within a few months.

Adoption scale shown by numbers

Digital assets are already present in the wallets of about 17% of Ghana’s adult population – approximately 3 million people interested in new financial technologies. The volume of cryptocurrency transactions in the country exceeded $3 billion last year, placing Ghana among the five largest digital markets in Sub-Saharan Africa. From July 2024 to June 2025, the entire region generated over $205 billion in on-chain transactions.

What do authorities say?

Johnson Asiama, the head of the central bank, emphasizes that the new regulations resolve long-standing uncertainty and provide clear frameworks for activity. “Virtual assets are now legal, but we have tools to manage risk,” explained the governor. At the same time, the regulations aim to protect consumers and financial stability, rather than completely liberalize the market.

What can we expect?

Formalizing the sector opens the door for safe investments and FinTech companies. Authorities hope for employment in new industries and diversification of the economy. At the same time, the independence of the regulator has been strengthened, and enhanced security measures are intended to protect against future crises – a lesson learned from the debt crisis of 2022, which required a thorough restructuring of public debt.

Ghana’s decision shows that African countries are changing their approach to blockchain technology – instead of banning it, they are choosing to regulate it normally.