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Ghana vs Singapore

Crypto regulation comparison

← Back to map | Ghana | Singapore
Ghana

Ghana

Singapore

Singapore

No Regulation
Legal

Ghana has no specific cryptocurrency legislation. The Bank of Ghana has warned citizens about the risks of crypto but has not imposed an outright ban. SEC Ghana has indicated plans to develop a regulatory framework for digital assets, and the country has one of Africa's growing crypto communities.

Singapore is a leading global crypto hub with a comprehensive regulatory framework under the Payment Services Act (PSA) 2019, amended in 2022. MAS licenses Digital Payment Token (DPT) service providers for AML/KYC compliance and consumer protection. Singapore has no capital gains tax, making it attractive for crypto businesses and investors. However, MAS has progressively tightened retail investor protections, restricting crypto advertising and requiring risk warnings. Short term trading gains is considered income and taxed as such.

Tax Type Unclear
Tax Type Varies
Tax Rate N/A
Tax Rate 0%-24%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator Bank of Ghana (BoG), SEC Ghana
Regulator MAS (Monetary Authority of Singapore)
Stablecoin Rules No stablecoin regulation; Bank of Ghana exploring e-Cedi CBDC
Stablecoin Rules MAS-regulated stablecoin framework (2023); SG-dollar stablecoins must meet reserve and disclosure requirements
Key Points
  • No specific cryptocurrency legislation or regulatory framework exists
  • Bank of Ghana issued warnings about crypto risks but has not banned it
  • SEC Ghana has expressed interest in developing a digital asset framework
  • Ghana has high crypto adoption relative to its economy, particularly for P2P trading
  • Bank of Ghana has been piloting the e-Cedi CBDC
Key Points
  • Payment Services Act (PSA) 2019 provides licensing for Digital Payment Token (DPT) services
  • MAS issues Major Payment Institution (MPI) and Standard Payment Institution (SPI) licenses for crypto
  • No capital gains tax on crypto for individuals; trading profits may be taxed if deemed business income
  • MAS introduced stablecoin regulatory framework in August 2023 for SG$-pegged stablecoins
  • Strict retail investor protection: crypto advertising restricted, no incentives for trading
Sources
Sources