Regulatory Update – GEM Conversion Service
IPMB is providing this update to inform its community about important regulatory developments affecting the gold sector in Ghana and the current status of the GPRO to GEM NFT Conversion Service.
Changes to Ghana’s Gold Regulatory Framework
Ghana has historically been an important part of IPMB’s gold sourcing and precious-metals operations.
During 2025, Ghana introduced a significant restructuring of the regulatory framework governing the purchase, trading, assaying and export of gold through the establishment of the Ghana Gold Board (GoldBod) under the Ghana Gold Board Act, 2025 (Act 1140).
Under the new framework [2], previously issued licences governing a number of gold trading activities ceased to remain valid and market participants were required to transition to a new GoldBod licensing regime. The regulatory changes also introduced new restrictions and requirements relating to the purchase and export of gold, including GoldBod assuming exclusive responsibility for the export of gold produced by Ghana’s artisanal and small-scale mining sector [1] [2].
These changes materially affected the operating environment in which IPMB’s original gold sourcing strategy had been developed and introduced additional licensing, compliance and operational requirements.
Status of New GEM Conversions
In response to these developments, and as part of IPMB’s commitment to operating responsibly and in accordance with applicable regulatory requirements, IPMB has suspended the minting of new GEM NFTs and new conversions of GPRO Tokens into GEM NFTs until further notice.
The decision has been taken to avoid creating new gold-related commitments while the applicable licensing and operational framework continues to be assessed and addressed.
The GEM NFT Conversion Terms and Conditions expressly recognise that regulatory developments may affect the availability and operation of the Conversion Service and provide for the service to be modified, suspended or discontinued where appropriate.
Existing GEM NFT Holders
The suspension relates to new GEM NFT minting and new GPRO-to-GEM conversions.
GEM NFTs that were successfully issued prior to the suspension remain recorded on the blockchain and continue to be governed by the applicable GEM NFT Conversion Terms and Conditions, including the relevant eligibility, compliance and redemption provisions.
Existing GEM holders are not required to take any action as a result of this announcement.
IPMB will provide further information regarding existing GEM holdings and the applicable physical gold redemption process as necessary and in accordance with the governing terms and applicable regulatory requirements.
Our Approach
The regulatory environment surrounding both precious metals and digital assets has evolved considerably since the IPMB ecosystem was originally developed.
IPMB believes that responding conservatively to material regulatory change is the responsible approach. Where circumstances affect our ability to provide a service under the standards we consider appropriate, we will pause or adapt that service rather than continue operating under regulatory or operational uncertainty.
We remain committed to communicating material developments transparently and to keeping existing users informed as the operating environment continues to evolve.
Further updates will be published through the official IPMB website.
Read More
[1] https://goldbod.gov.gh/about-us
[2] https://goldbod.gov.gh/licensing/
[3] https://goldbod.gov.gh/articles/ghanas-gold-industry-unites-behind-historic-goldbod-act