Ghana has become sub-Saharan Africa’s fifth-largest cryptocurrency market, with annual digital-asset transactions estimated at roughly $21 billion, while India has overtaken Singapore as the largest source of centralized crypto exchange inflows in Central and Southeast Asia and Oceania.
In Ghana, International Monetary Fund technical-assistance estimates suggest 8% to 17% of the population has bought or sold crypto assets, and regulators say the virtual-asset ecosystem now serves more than 3 million users. The IMF described stablecoins as the fastest-growing segment, used for trading, inflation hedging and informal cross-border settlement, although retail remittance use remains small. Parliament passed the Virtual Asset Service Providers Act, 2025, Act 1154, in December 2025, giving the Bank of Ghana and the Securities and Exchange Commission joint oversight of exchanges, wallets, token issuance, stablecoins, lending, brokerage and asset tokenization.
The Bank of Ghana, SEC and Financial Intelligence Centre said in a Sept. 28 policy statement that digital assets could no longer remain outside the country’s financial regulatory system. The central bank has created a Virtual Assets Department, while Ghana’s SEC is running a sandbox with 20 firms including Yellow Card Ghana, WhiteBIT Ghana, Hyro Exchange, KoinKoin, Africoin, Vaulta Digital Assets and GFX Brokers. The IMF recommended that stablecoin rules address reserve assets, liquidity and redemption rights, and called for stronger coordination before large-scale licensing begins.
In India, Chainalysis data showed $88.4 billion in centralized exchange inflows between July 2025 and June 2026, ahead of Singapore’s $82.3 billion and Australia’s $79.3 billion. Vietnam recorded $69.8 billion. This came even as India’s overall crypto economy contracted by 14.7% to $135 billion. Domestic Indian exchanges captured only 0.7% of local exchange volume, far below the regional average of about 7%, while nearly three-quarters of the country’s $6.1 billion crypto trading volume flowed to foreign platforms. India’s 30% tax on virtual digital asset income and 1% tax deducted at source have pushed activity offshore rather than eliminating demand.
India’s Financial Intelligence Unit previously fined Binance 188.2 million rupees, about $2.25 million, for anti-money laundering violations before the exchange registered and re-entered the market in August 2024. Exchanges now face stricter know-your-customer requirements including live selfie verification and bank-account cross-checks. Mudrex CEO Edul Patel said Indian investors are shifting from short-term speculation to accumulation, holding crypto alongside equities, gold and mutual funds, while the Reserve Bank of India remains cautious.
