Ghana Revenue Authority to Track Cryptocurrency Traders by Late 2025
The Ghana Revenue Authority (GRA) is taking steps to monitor and tax cryptocurrency transactions within Ghana’s growing digital economy. This move, announced by Commissioner-General Anthony Kwasi Sarpong, signals a significant shift in how digital asset gains will be treated in the country. The GRA aims to have the necessary infrastructure in place by the end of 2025 to track and collect taxes on profits generated from cryptocurrency trading activities, according to a report from GhanaWeb.
Taxing the Digital Frontier: GRA’s Approach
The GRA’s strategy involves developing new technology and collaborating with regulatory bodies like the Securities and Exchange Commission and the Bank of Ghana. This collaborative approach is geared towards creating a comprehensive regulatory framework for the digital asset space. The Commissioner-General emphasized that existing tax laws already apply to profits and gains, meaning cryptocurrency traders are expected to declare and pay taxes on their earnings. He further added the GRA’s broader objective is to bring Ghana’s tax regulations in line with the rapid advancements of the digital economy. This includes addressing the impact of digitization and the digital economy on the country’s financial structure.
The GRA’s initiative highlights a growing trend among African nations to regulate and tax the cryptocurrency market, thereby ensuring compliance and generating revenue from the evolving digital financial landscape.
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