Ghana Officially Legalizes Cryptocurrency Trading, Plans to Explore Gold-Backed Stablecoin

December 23rd — Ghana’s parliament has passed the *Virtual Asset Service Providers Act*, per a Monday announcement from the Ghanaian side. Under the legislation, individuals or institutions operating digital asset-related businesses must register with and be regulated by either the Bank of Ghana or the Ghana Securities and Exchange Commission, depending on the nature of their operations. Bank of Ghana Governor Johnson Asiama said the act lays the groundwork for licensing and regulating the virtual asset industry, ensuring emerging activities fit into a clear, accountable, and well-governed framework. In a prior speech, he noted the law means people will no longer face arrest for trading cryptocurrency, with the new framework’s goal to effectively manage associated risks. Data shows Ghana processed roughly $3 billion in cryptocurrency transactions between July 2023 and June 2024, and an estimated 17% of the country’s adults have used cryptocurrency. Looking ahead to 2026, Ghana plans to prioritize blockchain technology applications in payments, trade finance, foreign exchange settlement, and market infrastructure to support cross-border commercial activity. This includes “targeted exploration” of asset-backed digital settlement tools, such as gold-backed stablecoins.