Ghana’s Central Bank says it is expected to have legislation to regulate cryptocurrencies and other physical assets by the end of December.
The plan grew this week after the Bank of Ghana governor Johnson Asiama spoke about moving the money paid to Parliament and creating a unit within the Bank of Lento.
According to officials, the aim is to bring trading, wallets and other virtual goods services under clear rules before the end of the year.
Registration push service providers
Reports have revealed that the Bank of Ghana has already started telling companies to register as they prepare formal licenses.
Providers of Virtual Asset services – That means exchanges, wallet firms and money wear that use crypto – have been given a deadline to register with the central bank by August 15, 2025, as the first step in full supervision.
https://www.youtube.com/watch?v=symvo7v5kqu
That deadline is part of an effort by the central bank to map out the country’s operations and gather basic information ahead of tougher rules.
Ghana’s move comes after a strong rise in crypto usage. Based on reports, about three million adults in the country now use digital assets, which equates to about 17% of the population.
Year-to-date transactions aggregated in Crypto topped $3 billion for the extended 12-month period. Authorities say the level of activity makes it difficult for fund managers to track cash flows and for tax authorities to collect money.
Creating a new lookup group
But the central bank faces practical limits. Sources report that the regulator has not yet fully reined in the enforcement unit and the monitoring needs to monitor the Wasps and implement the new rules.
Setting up that power – hiring people, building systems, and coordinating with other agencies – is being treated as the same task as the bill moves through Parliament. This gap in manpower and equipment is one reason some analysts think the December target is ambitious.
As of today, the market cap of cryptocurrencies stood at $3.53 trillion. Chart: TradingView
A draft circulating in media accounts indicates that the law will give the Bank of Ghana the power to license service providers and require anti-money laundering controls, reporting and consumer protection.
The last document, if it is imported into the legal system, can also indicate which administrators did not participate in the supervision. Based on reports, parliamentary submissions are expected in the months leading up to December.
Licenses and compliance checks
Market players and users will watch three things closely: whether the parliament approves the bill before the bank’s deadline, where the licensing rules will arise, and how quickly the Bank will work.
If the law comes into play, exchanges and payment companies will have to apply for licenses and meet compliance checks. If delays occur, companies may face uncertainty as to whether to continue operations or adjust business plans.
Featured image from African Adventures, chart from trade exchange
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