Global Crypto Regulation in Flux: Ghana Legalizes Trading While US Clarity Act Delays Trigger Market Outflows

Ghana Establishes Legal Framework for Cryptocurrency

Ghana's parliament has passed the Virtual Asset Service Providers Bill into law, legalizing cryptocurrency trading and establishing a comprehensive regulatory framework for the industry, according to Bank of Ghana Governor Johnson Asiama ^[2].

"Virtual asset trading is now legal, and no one will be arrested for engaging in cryptocurrency, but we now have a framework to manage the risks involved," Asiama stated on Friday at the Bank of Ghana's annual Nine Lessons, Carols and Thanksgiving Service ^[2].

Under the new legislation, the Bank of Ghana becomes the primary regulator for cryptocurrency activity, with powers to license and supervise crypto asset service providers (CASPs) ^[2]. The law aims to protect consumers from fraud, money laundering and systemic risks while removing uncertainty over the legal status of cryptocurrency ^[2].

Supporting Innovation and Financial Inclusion

Asiama emphasized that the regulatory framework represents more than just legal milestones. "These are not just legal milestones; they are enablers of better policies, stronger supervision and more effective regulation," he said ^[2].

The governor also mentioned that the crypto law is intended to support innovation and expand Ghana's financial inclusion, particularly among young people and tech-driven entrepreneurs ^[2].

Ghana's move comes as the country emerges as a significant player in crypto adoption across Sub-Saharan Africa. According to Chainalysis' 2025 Geography of Cryptocurrency Report, Ghana ranked among the top five Sub-Saharan African countries by total crypto value received between July 2024 and June 2025 ^[2]. The Sub-Saharan region received over $205 billion in on-chain value, up about 52% from the previous year, making it the third-fastest growing region in the world ^[2].

US Regulatory Delays Trigger Major Outflows

While Ghana moves forward with clarity, regulatory uncertainty in the United States has triggered significant market reactions. Crypto exchange-traded products recorded $952 million in outflows, with $555 million from Ether funds and $460 million from Bitcoin funds ^[3].

The large-scale outflows were mainly attributed to delays to the Digital Asset Market Clarity Act, or Clarity Act, a matter that prolonged "regulatory uncertainty and concerns over whale selling," according to a CoinShares report published Monday ^[3].

The lion's share of outflows—$990 million—came from the US, marginally offset by $46 million in inflows from Canadian investors and $15.6 million from Germany ^[3].

Senate Markup Pushed to January 2026

On Thursday, White House AI and crypto czar David Sacks announced that the Senate markup for the Clarity Act will occur in January 2026, as opposed to previous expectations that the bill would reach President Donald Trump's desk before the end of 2025 ^[3].

"We are closer than ever to passing the landmark crypto market structure legislation that President Trump has called for. We look forward to finishing the job in January," Sacks wrote in a Thursday X post ^[3].

James Butterfill, CoinShares' head of research, attributed the erosion in investor sentiment to the bill delays. "Ethereum saw the largest outflows, totaling $555m, this is understandable given it has the most to gain or lose from the Clarity Act," Butterfill wrote ^[3].

The Clarity Act seeks to define crypto securities and commodities, providing much-awaited clarity on the jurisdictions of the Securities and Exchange Commission and the Commodity Futures Trading Commission relating to digital assets ^[3].

European Challenges for Prediction Markets

As regulatory frameworks evolve globally, prediction markets are emerging as a potential regulatory battleground. In Europe, establishing such platforms faces significant hurdles between gambling regulations, MiCA, MiFID-Regime and consumer protection laws ^[1]. The classification as either gambling or complex financial instruments would effectively block prediction markets in the region ^[1].