Ghana to License Cryptocurrency Platforms by 2025
- Ghana plans to regulate crypto platforms by 2025.
- Seeks transparency and aligns with global AML standards.
- Involves key assets: Bitcoin, Ethereum, Tether.
Ghana’s initiative aims to align with global standards and enhance market transparency, affecting key digital assets.
The Bank of Ghana (BoG) plans to introduce a licensing framework by September 2025 to regulate cryptocurrency platforms. The move seeks to enhance market transparency and align with global standards. Entities must register by August 2025 to avoid penalties.
The initiative involves the BoG’s Digital Assets Unit supervising the process. It’s centered on deterring illicit activities and includes exchanges, wallets, and ICOs. The primary goal is to implement international anti-money laundering (AML) standards.
The licensing plan could position Ghana as a regional fintech hub, enhancing consumer confidence. Regulation targets platforms handling major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), possibly impacting their trade.
“This registration is part of a preliminary regulatory process to identify and to assess entities engaging in virtual asset activities, including but not limited to: Virtual asset exchange services, Wallet provision or custody services, Transfer or settlement services involving virtual assets, and Services related to the issuance or sale of virtual assets, including initial coin offerings (ICOs) and stablecoins” — Bank of Ghana, Official Statement
While no government funding specifics have been disclosed, the regulation is designed to protect users and encourage legitimate financial activities. The central bank’s announcements highlight an effort to modernize the sector.
Potential outcomes include increased consumer trust and refined operational practices among VASPs. Historical data from similar global moves suggest initial market disruptions, but may ultimately boost confidence among users and investors.
