Ghana has officially legalized cryptocurrency trading and plans to explore gold-backed stablecoins.

According to Mars Finance, on December 23, Ghana announced on Monday that its parliament had passed the Virtual Asset Service Providers Act. Under this act, individuals or institutions engaged in digital asset-related businesses must register with the Central Bank of Ghana or the Securities and Exchange Commission and be subject to regulation, depending on the nature of their business. Central Bank of Ghana Governor Johnson Asiama stated that the act lays the foundation for licensing and regulation of the virtual asset industry, ensuring that emerging activities are brought under a clear, accountable, and well-governed framework. In a previous speech, he also pointed out that the passage of the act means that individuals will no longer be arrested for trading cryptocurrencies, and the new framework aims to effectively manage related risks. Data shows that Ghana processed approximately $3 billion in cryptocurrency transactions between July 2023 and June 2024, and about 17% of the country's adults are believed to have used crypto assets. Ghana plans to focus on promoting the application of crypto technology in areas such as payments, trade finance, foreign exchange settlement, and market infrastructure by 2026 to support cross-border business activities, including "targeted exploration" of asset-backed digital settlement tools such as gold-backed stablecoins.