- Ghana demands crypto firms register or face strict regulatory penalties soon.
- Bank of Ghana to license digital platforms amid rising crypto usage.
- Crypto transactions hit $3 billion as authorities tighten financial oversight.
The Bank of Ghana has issued a directive requiring all cryptocurrency service providers operating within the country to register by August 15, 2025. This move is part of an urgent push to bring digital asset platforms under regulatory control as crypto adoption surges across Ghana.
Applicable to both local and international firms, the central bank’s directive targets virtual asset service providers offering services to Ghanaians, whether through physical offices or online platforms. This covers operators participating in crypto exchanges, digital wallets, asset safekeeping, and the issue or sale of digital assets like stablecoins and tokens.
Bloomberg reported that this registration is just the initial process before a comprehensive licensing regime is proposed, which will hopefully be implemented by September.
Though the registration does not confer any operating license to the firms, inability to do so may result in the imposition of penalties or even a ban on potential forthcoming licensing.
There has been a significant increase in the use of cryptocurrencies in Ghana, with approximately 3,000,000 adults (17 percent of the adults) actively selling and buying cryptocurrencies. From July 2023 to June 2024, crypto transactions in the country amounted to $3 billion.
This number is quite large compared to the total 125 billion dollars registered in sub-Saharan Africa in the same time frame.
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Crypto Surge Raises Concerns Over Transparency and Monetary Control
Bank of Ghana Governor Johnson Asiama highlighted concerns that crypto transactions are taking place outside official records. This makes it more difficult to keep track of economic activity and stabilize the cedi, which has suffered significant swings in recent years.
In addition, the Bank of Ghana believes that regulating the sector will enhance supervision, boost revenue collection, and reduce financial crimes such as money laundering.
The next proposed model will validate the crypto platforms being assimilated into the official financial establishment while protecting their users.
Other countries are also clamping down on digital assets, with the newly enacted GENIUS Act in the US bringing stability to the regulatory side of stablecoins.
Efforts are being developed in Asia, Europe, and other regions of Africa to address the increasing significance of virtual assets in financial systems.
As Ghana races to formalize its crypto market, firms now face a clear deadline. Those not registered by August 15 risk being locked out of the country’s future digital finance ecosystem.
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