BoG to Begin Regulation of Cryptocurrencies in December, Says Governor Asiama
Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has disclosed that the Central Bank will commence the regulation of virtual and digital assets, including cryptocurrencies, by the end of December this year.
Speaking at the IMF/World Bank Governor Talk Series themed “From Crisis to Confidence: Ghana’s Journey to Macroeconomic Stabilization”, Dr Asiama revealed that the BoG, with technical support from the International Monetary Fund (IMF), has completed preparatory work towards establishing a regulatory environment for virtual assets.
“We’ve done a lot of work in the past four months to put together the regulatory environment. And I must thank again the IMF; they’ve helped us to put together a new bill to regulate virtual assets. That bill is on its way to Parliament as I speak. So hopefully before the end of December, we should be able to regulate cryptos in Ghana,” Dr Asiama stated.
He noted that the passage of the legislation would mark an important milestone in the country’s financial regulatory architecture, but emphasised that the implementation phase would require robust monitoring and capacity-building within the central bank.
“Passing a law is just one step. The ability to monitor those flows will be key. We are developing the expertise, we are developing the manpower, and we are putting together a new department altogether that will help us to regulate that area,” he added.
Dr Asiama explained that the growing demand for digital assets in Ghana’s large informal sector had made it imperative for the BoG to step in to prevent abuse and ensure consumer protection.
“In our type of economies, the informal sector is very large. There are business people with very little documentation who need to make payments internationally. Because of that, they find virtual assets convenient—less paperwork, faster, and untaxed. So as policymakers, we must have some control to prevent abuse of the system,” he remarked.
The Governor also confirmed that the BoG had begun engaging firms through its regulatory sandbox framework, aimed at safely testing innovative financial technologies before their full rollout.
IMF Photo/Alyssa Schukar
“We started by allowing a couple of firms into the sandbox. We’re going to work with them all the way. It’s new to everybody, but I’m sure we’ll get over the legislation very soon,” he noted.
Earlier this month, the BoG announced significant progress in its efforts to establish a comprehensive regulatory framework for virtual asset activities as part of broader measures to promote responsible innovation in the digital finance space.
In a statement dated October 1, 2025, the central bank confirmed the completion of the Virtual Asset Service Providers (VASP) Bill, developed in close collaboration with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC).
The draft legislation, which has undergone extensive consultation with industry stakeholders and international development partners, is now advancing towards parliamentary consideration.
The proposed VASP Bill seeks to regulate the operations of entities engaged in virtual asset services, including cryptocurrency exchanges, wallet providers, and related platforms. The overarching goal, according to the BoG, is to ensure that activities within this space are conducted safely, transparently, and in compliance with Ghana’s financial laws.
