The Bank of Ghana (BoG) is actively moving forward with the implementation of Ghana’s Virtual Asset Service Providers Act (Act 1154) of 2025. The central bank will engage industry stakeholders to develop the necessary directives and guidelines for this new regulatory framework.
This initiative follows the enactment of the Virtual Asset Service Providers Act in 2025, which aims to establish a legal structure for licensing and registering entities operating in the virtual asset sector. The BoG’s engagement with industry players is crucial for creating comprehensive guidelines covering anti-money laundering (AML), counter-financing of terrorism (CFT), prudential requirements, consumer protection, market conduct, cybersecurity, and technology standards.
Ghana's embrace of virtual assets, such as cryptocurrencies and stablecoins, is driven by high mobile money penetration and a readiness for digital finance innovation. The new regulatory framework, overseen by both the BoG and the Securities and Exchange Commission (SEC), positions Ghana as a leader in digital finance. The BoG will focus on payment systems and monetary stability, while the SEC will supervise investment-related virtual asset activities. This dual oversight model ensures a robust and comprehensive approach to regulation.
Tahiru Alhassan of the Bank of Ghana confirmed the central bank has already drafted several guidelines and expects to publish some later this year. He stated, "This is a whole new sector that has never been regulated in Ghana and we need to develop very comprehensive guidelines covering anti-money laundering and counter-financing of terrorism (AML-CFT), prudential requirements, consumer protection and market conduct, cybersecurity and technology requirements." This commitment to thorough regulation underscores the importance of a well-structured digital asset ecosystem.
The upcoming stakeholder consultations will involve the Association of Banks, fintech companies, the Chamber of Digital Asset and Blockchain Innovation, and other targeted experts. This collaborative approach ensures that the final guidelines are practical and tailored to Ghana’s unique market conditions. Industry participants, like Philip Twum of Fido and Yellow Card Ghana Limited, have welcomed the regulatory clarity, noting it improves confidence for operators and encourages investment in the sector. Elikplim Kitsikpui, Lead Digital Technology Consultant at EY Ghana, also highlighted that regulation strengthens trust and operational confidence within Ghana’s virtual asset landscape.
Key provisions of the new framework include mandatory licensing for high-risk activities and registration for lower-risk operations. Compliance with AML/CFT obligations, particularly the “Travel Rule,” is also a critical component. A notable feature is the policy sandbox, which allows selected entities to test virtual asset use cases and business models. This initiative helps regulators refine draft guidelines by observing real market operations, ensuring policies are “fit for purpose” within the Ghanaian context.
Businesses operating in the virtual asset space are urged to prepare proactively for the evolving regulatory environment. Philip Twum emphasized that regulatory clarity now allows firms to make strategic decisions, especially regarding licensing. Elikplim Kitsikpui advised organizations to take deliberate positions, whether to lead, follow, or observe, and cautioned against inaction. He suggested early registration, piloting limited initiatives, and aligning investments with regulatory milestones to avoid being locked out of opportunities.
Felix Kesseh, a Manager in EY Ghana’s Risk Consulting practice, cautioned institutions against treating virtual assets as “business as usual.” He stressed the need for enhanced risk management practices. The BoG's proactive engagement with industry and its comprehensive approach to regulation are expected to foster a secure and innovative virtual asset market in Ghana, attracting further investment and promoting economic growth in the digital sector.