Central Bank Advances Virtual Asset Regulation With Draft Bill and Industry Registration Drive
The Central Bank has signalled progress in its efforts to regulate the country’s fast-growing virtual assets sector, unveiling a draft bill and completing the first mandatory registration of service providers.
The Bank of Ghana said it had finalised the drafting of the Virtual Asset Service Providers (VASP) Bill in collaboration with the Securities and Exchange Commission and the Financial Intelligence Centre. The legislation, which has undergone consultation with industry groups, state bodies and international partners, is now moving towards parliamentary consideration.
In July, the regulator conducted a compulsory registration exercise for all virtual asset service providers, gathering fresh data on market activity. The exercise, the bank noted, offered insights that will shape a “fit-for-purpose” framework tailored to Ghana’s financial system.
Looking ahead, the Bank of Ghana has set out a roadmap for the phased implementation of the regime once the VASP Act comes into force. Immediate steps include further engagement with government and legislators, the rollout of an online portal to centralise compliance and public information, as well as awareness campaigns to support industry and consumer preparedness.
The central bank emphasised its commitment to building a “safe, transparent and innovative virtual asset ecosystem” that balances user protection, innovation, and financial stability.
