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Ghana vs South Africa

Crypto regulation comparison

← Back to map | Ghana | South Africa
Ghana

Ghana

South Africa

South Africa

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.

South Africa has embraced crypto regulation. In 2022, the FSCA declared crypto assets as financial products under the Financial Advisory and Intermediary Services (FAIS) Act, requiring crypto service providers to obtain FSCA licenses. SARS taxes crypto gains under capital gains tax (up to 18% effective rate for individuals) or income tax depending on trading frequency. South Africa is the largest crypto market in Africa.

Tax Type Unclear
Tax Type Capital gains
Tax Rate N/A
Tax Rate 18% (effective max ~18%)
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining No No
Regulator Bank of Ghana (BoG), SEC Ghana
Regulator FSCA (Financial Sector Conduct Authority), SARB (South African Reserve Bank)
Stablecoin Rules No stablecoin regulation; Bank of Ghana exploring e-Cedi CBDC
Stablecoin Rules Crypto assets declared financial products under FAIS; stablecoins included
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
  • Crypto declared a financial product under FAIS Act (2022); service providers must be FSCA-licensed
  • FSCA began licensing crypto asset service providers (CASPs) in 2023
  • Capital gains taxed at effective rate up to 18% (45% max marginal rate × 40% inclusion)
  • Frequent trading may be classified as income and taxed at marginal rates (up to 45%)
  • SARB regulates cross-border crypto transactions under exchange control regulations
Sources
Sources