Ghana is on the cusp of a regulatory overhaul that could place it among Africa’s most forward-looking economies when it comes to digital assets. With the central bank expected to present a crypto licensing framework to parliament in September 2025, the next few weeks will be pivotal not just for Ghana’s fintech future, but for the broader West African region.

The urgency is well placed. According to Chainalysis data, Ghana recorded over $3 billion in crypto activity between July 2023 and June 2024, a staggering figure that underlines both the appetite for digital assets and the risks of operating without a clear legal framework. A robust, well-balanced policy could transform this informal momentum into sustainable economic value in the country, expanding access to capital, improving financial inclusion, and generating new revenue streams for the state.

If passed in, the framework would permit only registered exchanges and wallet providers to operate legally, subject to capital thresholds and anti-money laundering requirements, keeping Ghana off the FATF grey list. It’s a commendable step toward consumer protection and financial stability. However, the usual concerns are beginning to surface, particularly around the enforcement capacity, the ability of local startups to meet stringent licensing conditions, and the risk that an overly rigid approach could push innovation underground. How Licensing Passporting for virtual asset service providers who already have licences in recognised jurisdictions is also yet to be seen, as such a provision is a catalytic game-changer for the African continent.

The current draft is said to offer clarity on how supervision will be carried out and how smaller players and new businesses can be supported. This will be covered by a sandbox model licence, which has been introduced to avoid a divide between large, well-capitalised firms and grassroots fintech innovators. This would also encourage incubation for local stablecoin issuers, which Binance has encouraged local stablecoins to build on its BNB Chain. Larry Cooke, Africa’s Head of Legal at  Binance, says “Ghana has an opportunity to showcase to the world and the continent what robust and fair legislation looks like that is supported by stable infrastructure, innovative solutioning, and role modelled leadership".

There’s precedent to learn from. Global exchanges like Binance have voluntarily implemented Know-Your-Customer (KYC) protocols, user education initiatives, and fraud prevention tools across several African markets. In Kenya, Binance has actively engaged with regulators and the local Virtual Assets Chamber of Commerce during the drafting of the Virtual Asset Service Providers Bill, supporting efforts to improve user protection and financial education. The question now is whether Ghana’s framework will foster similar cooperation or risk deterring it.

This push toward regulation comes amid increased dialogue between the public and private sectors. In recent months, the Bank of Ghana and various stakeholders have held consultations on draft proposals, including a licensing regime for virtual asset service providers. These engagements are widely seen as crucial to shaping legislation that balances investor protection with the need to encourage innovation and enable cross-border trade.

With the central bank expected to present the framework to Parliament in September, sustained collaboration between regulators and industry players will be critical to getting it right.

The opportunity is clear: digital assets can be a powerful lever for economic transformation. Now it’s up to policymakers to match the momentum on the ground, without losing sight of the local realities that could make or break the success of this bold regulatory shift.

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Kwame Asare Mensah is an independent journalist and policy analyst covering digital assets, regulation, and financial inclusion across West Africa. He writes on how innovation and regulation can work together to drive inclusive growth.