Crypto Regulation: Ghana crosses finish line with Landmark Virtual Asset Law

by Edison Irabor, Senior Policy Reporter

ACCRA, Ghana – December 22, 2025 — In a move set to reshape Ghana’s digital economy, the Virtual Asset Service Providers (VASP) Bill has been passed into law.

The Bank of Ghana (BoG) confirmed the development on its website today, 22 December 2025, noting that the law creates a dual-regulatory pathway. Depending on the nature of their operations, crypto platforms and virtual asset managers must now secure licenses from either the Bank of Ghana or the Securities and Exchange Commission (SEC). According to the BoG’s statement:

Under the new law, individuals and entities conducting virtual asset activities will require licensing or registration from either the Bank of Ghana or the Securities and Exchange Commission (SEC), depending on the specific activity. The regulatory bodies will issue directives and guidelines in the coming months to operationalize the law and provide clarity on the requirements.

The landmark legislation provides a formal legal framework for the oversight of cryptocurrencies and the entities that facilitate their trade, signaling the end of the “wild west” era for virtual assets in the country.

Strengthening Oversight and Innovation

The Governor of the Bank of Ghana, Dr. Johnson Asiama, hailed the passage of the bill as a turning point for financial integrity.

“This law is not about stifling innovation; it’s about bringing transparency to a previously opaque sector,” Asiama stated. “By licensing crypto platforms and supervising their activity, we are ensuring that Ghana remains compliant with global Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) standards.”

Key objectives of the new regulatory framework include:

Consumer Protection: Shielding everyday users from fraudulent schemes and platform insolvencies.
Financial Stability: Integrating virtual assets into the formal financial system to monitor systemic risks.
Global Compliance: Aligning Ghana’s crypto regulations with international benchmarks to avoid “grey-listing” by global financial watchdogs.

The “Wait-and-See” era for digital assets in Ghana is officially over.

The BoG Governor’s Victory Lap

Speaking at the annual Nine Lessons, Carols and Thanksgiving Service of the Bank of Ghana at the Bank Square in Accra on December 19, BoG Governor, Dr. Asiama, remarked: “Effectively, virtual assets trading is now legal and no one is going to be arrested for doing crypto, but we now have the framework to manage the risks involved.”

“What this means is that now we have the framework to manage it and to manage the risks that can involve that kind of activity,” the BoG Governor said. “These are not just legal milestones; they are enablers of better policies, stronger supervision and more effective regulation.”

Similarly, on Saturday night at the Movenpick Ambassador Hotel, Ghana, amidst the glitz of the Chartered Institute of Bankers’ Annual Governor’s eDay Dinner, Dr. Asiama remarked about the “passage” of the VASP Bill. Addressing the captains of the banking industry, Governor Asiama was unequivocal:

”This year also saw the passage of the Virtual Asset Service Providers Bill, a significant step in preparing the regulatory framework for digital asset activities,” Dr. Asiama told the audience, citing the law as a fait accompli that had finally brought digital assets within “clear, accountable, and well-governed boundaries.”

For investors and operators waiting for the green light to enter the Ghanaian market, it sounded like the starting gun.

The Legislative Journey: From Shadows to Statute

Ghana’s path to this moment has been a bumpy seven-year trek. The journey began in earnest in 2018 with a series of stern cautionary notices, effectively pushing the industry into the shadows. But as the “legal gray area” became impossible to ignore—with transaction volumes reportedly hitting the $3 billion mark—the BoG shifted its strategy from exclusion to inclusion.

A pivotal turning point arrived in July 2025, when the BoG issued a mandatory registration directive. This wasn’t a licensing round, but a strategic “census” of the industry. By requiring all VASPs serving Ghanaian residents to register by August, the central bank is apparently gathering the critical data needed to regulate the emerging sector.

July 2025:

Earlier in July, speaking at a recent high-level engagement in Accra, the Governor of the Bank of Ghana provided a rare, unvarnished look at the central bank’s philosophy. In a statement that has resonated throughout the continent’s fintech hubs, the Governor remarked:

“Crypto is like the air we breathe. It is all around us, and we can no longer pretend it does not exist within our borders. We have observed a significant shift where our diaspora and even local businesses are increasingly moving toward channels outside traditional banks, utilizing stablecoins and other virtual assets for cross-border settlements and value storage. This confirmed the need for a robust regulatory hand.

Passing the Virtual Asset Service Providers Act is just the first step; monitoring these flows will be critical to our economic stability. My vision is to build a central bank that is ready and able to adapt. It is critical today to address crypto; it could be something else tomorrow. We must have the manpower, the agility, and the balance sheet to contend with any of these risks as they emerge. We are mending our legislation and building a dedicated department for oversight because we want to be remembered for making the cedi the currency of choice, while ensuring that the digital frontier is safe, transparent, and compliant.”

October 2025:

In October, the BoG issued a press release updating the public and industry stakeholders on “progress towards establishing a comprehensive regulatory framework for virtual asset activities in Ghana.”

According to the BoG, “Working in close collaboration with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), the Bank has completed the drafting of the Virtual Asset Service Providers (VASP) Bill. The draft has undergone extensive review by industry groups, relevant state institutions, and international development partners, and is now progressing through the processes leading to consideration by Parliament.”

Immediate priorities, according to the BoG, included continued “consultations with the Executive Arm of Government, the Legislature and other stakeholders on the Draft Bill, the launch of a dedicated online portal to serve as a central source of information and compliance support for VASPs, nationwide awareness and engagement activities with industry and the public, and preparatory measures to ensure a smooth rollout of the Act.”

November 2025:

On 13 November 2025, Ghana’s Hon. Minister of Finance, Dr. Cassiel Ato Baah Forson, presented and read the first time. Afterwards, the Bill was referred by the Rt Hon Speaker to the Finance Committee for consideration and report.

Also, last month, the BoG published “Ghana’s Policy Position on Virtual Assets and Service Providers.” There, it stated its principles for regulating virtual assets service providers, its policy approach for legal and regulatory framework, and a list of policy recommendations for Ghana.

The intent was clear: to build a rigorous legal scaffolding for the registration, licensing, and day-to-day supervision of any entity touching digital assets.

Stephen Azubuike, Partner at Infusion Lawyers and Vice Chair (Policy & Regulations) of the Steering Committee of the Virtual Asset Service Providers Association (VASPA), remarked about the development:

“As I reflect on Ghana’s recent work in the virtual assets sector, particularly with the new VASP law, it ddemonstrates just how crucial legislative frameworks are in shaping the regulatory landscape. Notably, it was the Hon. Minister for Finance himself, Dr Cassiel Ato Baah Forson, presented and read the Bill for the first time this month of December.”

“Clearly, virtual asset regulation is being driven at the highest level of political leadership in Ghana’s executive branch of government, not only by regulators or operators. This is refreshing in Africa.”

Like Ghana, Kenya also enacted its own VASP Act in 2025, a pivotal year for the formalization of crypto in Africa.

African Context: The Regulatory “Big Four”

Ghana is no longer an outlier. With the VASP Bill, Ghana is positioning itself alongside Kenya, Nigeria, and South Africa in a “Big Four” regulatory race. Across the continent, the narrative is shifting from “How do we stop this?” to “How do we harness this?”

The VASP Act is designed to do exactly that. By establishing the Virtual Asset Regulatory Office (VARO), the BoG aims to ensure that the “Wild West” days of unregulated exchanges are replaced by a system where:

Compliance is Non-Negotiable: VASPs must align with global anti-money laundering (AML) and “Travel Rule” standards.
Consumer Protection is Paramount: New rules will mandate standardized risk disclosures to protect retail investors from volatility.
Institutional Integration: By providing a clear legal foundation, the Bill aims to end the “de-banking” of crypto firms, allowing for a safer intersection between digital assets and traditional finance.

The Road Ahead: 2026 and Beyond

Now, as we head into 2026, the BoG is laying the groundwork for what comes next. A dedicated compliance portal is in the works, and full-scale licensing is expected to commence by early 2026. The newly enacted law will serve as the primary financial law for the virtual assets sector, supported by a suite of regulations covering everything from strict disclosure standards and capital requirements to tax compliance.

The message from Accra is clear: Ghana is not just observing the digital revolution; it is preparing to lead it. By balancing the “agility” the Governor called for with the weight of law, Ghana is ensuring that the digital frontier remains a space for innovation, not just speculation.

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