Parliament Passes VASPs Bill as BoG, SEC Move to Regulate Virtual Asset Industry
Parliament has passed the Virtual Asset Service Providers (VASPs) Bill, establishing a formal legal and regulatory framework for virtual assets and related service providers in Ghana, the Bank of Ghana (BoG) has announced.
In a public notice, the central bank said the new law will bring virtual asset activities under official supervision, with the effective date of the Act to be announced in due course.
Under the legislation, individuals and entities engaged in virtual asset activities will be required to obtain a licence or register with either the Bank of Ghana or the Securities and Exchange Commission (SEC), depending on the nature of their operations.
The BoG said it will work closely with the SEC to issue directives and supporting regulatory instruments in the coming months to operationalise the Act, provide guidance to applicants, and clarify licensing and compliance requirements.
“The Bank of Ghana and the Securities and Exchange Commission reaffirm their commitment to a safe, transparent and innovative virtual asset ecosystem that protects users and safeguards the financial system,” the notice said.
Framework to formalise crypto activities
The VASPs Bill is aimed at establishing a comprehensive regulatory regime for Ghana’s fast-growing digital asset industry. It seeks to place cryptocurrency-related activities such as trading, exchange operations and custodial services under regulatory oversight to enhance consumer protection, strengthen market integrity and curb financial crimes, including money laundering and terrorist financing (AML/CFT).
According to the Bank of Ghana, more than three million Ghanaians are currently users of virtual assets, with an estimated 100 Virtual Asset Service Providers operating in the country. These figures were disclosed in the central bank’s Policy Position on Virtual Assets and Service Providers (VASPs) document.
Seven regulatory objectives
The BoG has outlined seven key objectives guiding its regulation of the digital asset space. These include ensuring the integrity and stability of the financial sector, protecting consumers and investors, guarding against financial crime, fostering innovation while maintaining market integrity, promoting domestic coordination among regulators, strengthening international cooperation to combat financial crime, and addressing cyber security risks.
The passage of the Bill aligns Ghana with a growing number of jurisdictions seeking to formally regulate cryptocurrencies amid rising adoption and associated risks.
IMF backs stronger oversight
The move also reflects broader international concerns. The International Monetary Fund (IMF) has urged African central banks to strengthen regulatory oversight of crypto assets, warning of increasing financial risks linked to the rapidly evolving digital asset ecosystem.
In its April 2025 Regional Economic Outlook report, the IMF noted that high inflation, exchange rate volatility and surging crypto prices have created strong incentives for cryptocurrency adoption across sub-Saharan Africa.
While recognising the potential benefits of digital assets in supporting financial innovation, including smart contracts, tokenisation and decentralised finance, the Fund cautioned that unchecked growth could undermine existing financial systems.
“Crypto assets may reduce the effectiveness of capital flow and AML/CFT regulations, facilitate tax avoidance, heighten financial volatility, and weaken the monetary policy transmission mechanism,” the IMF warned.
It therefore called for comprehensive regulatory frameworks, supported by strong institutional capacity within central banks to monitor crypto-related activities and enforce compliance.
For Ghana, the passage of the VASPs Bill marks a significant step toward balancing innovation with financial stability, as authorities seek to harness the benefits of digital assets while managing their risks.
