Ghana Aims to Establish Cryptocurrency Regulations by Year-End

According to PANews, the Governor of the Bank of Ghana, Johnson Asiama, announced at an International Monetary Fund (IMF) meeting that Ghana is on track to establish robust cryptocurrency regulations by the end of the year. Asiama stated, "The bill is being submitted to parliament. We hope to regulate cryptocurrencies in Ghana by the end of December." The Bank of Ghana initially released a draft of the legislation in August 2024. The guidelines propose an eight-pillar framework, which includes enhanced registration and reporting requirements for exchanges and virtual asset service providers (VASPs). The new laws aim to address the growing interest in cryptocurrencies among Ghanaian investors. Approximately 3 million Ghanaians, nearly 9% of the country's population, are currently using cryptocurrencies.