Ghana has taken a major step toward regulating digital finance after parliament passed a law legalizing the widespread use of cryptocurrency. The new Virtual Asset Service Providers Bill aims to bring the booming but previously unregulated market under oversight. This move directly responds to central bank estimates that 17% of Ghanaian adults, about 3 million people, are already engaging with virtual assets. The legislation will establish a licensing system for crypto platforms, aiming to improve transparency, protect consumers, and stabilize the national currency, the cedi. Officials believe formal regulation will also lower banking costs and support small businesses. With crypto transactions in Ghana reaching an estimated $3 billion last year, this law positions the country to better manage its growing digital finance sector.
Bloomberg
