Ghana's central bank has moved to formally regulate the nation's burgeoning cryptocurrency sector, stopping short of an outright ban but imposing a stringent new regime that demands all virtual asset service providers obtain licenses and bars traditional banks from facilitating their activities.
The Bank of Ghana's new policy, detailed in a recent document , marks a definitive end to the regulatory vacuum that has allowed over 100 crypto firms to operate with little oversight in a market boasting more than 3 million users.
While virtual assets like Bitcoin will not be recognised as legal tender, the state will no longer ignore them, opting instead for a risk-based framework designed to balance technological innovation with the urgent need to curb money laundering and protect financial stability.
