Ghana has formally legalized cryptocurrency buying and selling following passage of the Digital Asset Provider Suppliers (VASP) invoice.
In step with ETHNews, the regulation used to be signed into legislation between December 19 and 22, setting up a countrywide felony framework for virtual asset process.
Abstract
- Ghana’s new legislation lets in folks and companies in Ghana to have interaction in cryptocurrency buying and selling inside regulatory obstacles.
- The transfer ends years of felony ambiguity surrounding virtual property within the West African country.
- Approved corporations will likely be required to satisfy compliance requirements associated with reporting, shopper coverage, and chance controls.
The legislation lets in folks and companies in Ghana to have interaction in cryptocurrency buying and selling inside regulatory obstacles, finishing years of felony ambiguity surrounding virtual property within the West African country.
Underneath the brand new framework, oversight of the cryptocurrency sector will likely be divided between the Financial institution of Ghana and the Securities and Trade Fee. The 2 regulatory our bodies are tasked with licensing, supervising, and regulating Digital Asset Provider Suppliers, together with exchanges and pockets operators.
Approved corporations will likely be required to satisfy compliance requirements associated with reporting, shopper coverage, and chance controls, in step with the regulation. The framework objectives dangers together with fraud, cash laundering, and terrorism financing.
The legislation puts Ghana amongst a rising choice of nations that experience opted for regulated participation in cryptocurrency markets somewhat than enforcing outright bans.
Ghana plans to discover asset-backed virtual agreement equipment, together with gold-backed stablecoins, via 2026, in step with the record. The initiative would make the most of the rustic’s gold reserves to improve blockchain-based bills, industry finance, and cross-border agreement infrastructure.
The regulatory means represents a shift from the casual cryptocurrency buying and selling that in the past happened in Ghana with out formal felony standing. The framework establishes licensing necessities and supervision mechanisms for virtual asset provider suppliers working within the nation.
In October, the Financial institution of Ghana’s governor, Johnson Asiama, stated that the regulators were operating on a draft over the previous 4 months.
The regulation comes as a couple of African international locations read about virtual finance fashions and blockchain generation integration into their monetary programs.
