Ghana plans to issue licenses to related companies in response to the surging demand for cryptoassets: Bloomberg | CoinDesk JAPAN

• Ghana plans to start the issuance of licenses for cryptoasset platforms in response to the rapid increase in demand for cryptoassets.
• It is expected that the regulation of the cryptoassets sector will enable Ghana to secure revenue and manage its fiat currency more effectively.
• Approximately 17.3% of adults in Ghana hold cryptoassets, which corresponds to over 3 million people.

Ghana in West Africa is set to begin licensing cryptoasset platforms to meet the surge in demand for cryptoassets (virtual currencies), Bloomberg reported on July 24.

The central bank of Ghana is making final adjustments to a regulatory proposal to be submitted to parliament by September, Bloomberg reported, citing an interview with Bank of Ghana Governor Johnson Asiama.

Regulations in the cryptoassets sector are expected to help Ghana secure revenue and manage its fiat currency more effectively. Ghana's currency, the cedi (GHS), is projected to rise by more than 40% against the US dollar by 2025, recovering from a decline of about 20% in 2024. This volatility is making inflation management difficult for the central bank.

President Ashiyama added that while many businesses are conducting payments using cryptoassets, the lack of record in the national financial books could exacerbate the issue.

According to a June 2024 report by Zawya, a business news company based in the Middle East, approximately 17.3% of adults in Ghana, or just over 3 million people, hold cryptoassets.

According to a report by Bloomberg, Del Titus Bawuah, CEO of the Web3 Africa Group, stated that the total cryptoasset transactions in Ghana for the 12-month period until June 2024 amounted to $3 billion (approximately ¥435 billion, based on an exchange rate of ¥145 to $1), which is part of the total $125 billion (approximately ¥18.125 trillion) across Sub-Saharan Africa.