The Bank of Ghana (BoG) has taken a bold step toward regulating the country’s fast-growing digital asset market with the introduction of the Virtual Asset Service Providers (VASP) Bill. The central bank says the proposed law will establish a comprehensive framework to make cryptocurrency and other digital transactions safer, more transparent, and better aligned with international best practices.
Developed in partnership with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), the draft Bill has already undergone extensive consultations with industry stakeholders, state agencies, and international development partners. It is now moving into the legislative process for parliamentary approval—a crucial step in Ghana’s digital finance journey.
Earlier this year, in July 2025, the BoG conducted a nationwide registration exercise for all virtual asset service providers. The exercise not only helped regulators capture updated data on the sector but also revealed key gaps in the current system. According to the BoG, these insights will guide the development of a regulatory framework that is “market-relevant, innovative, and fit for purpose.”
If passed into law, the VASP Act will be rolled out in phases. The Bank has already outlined plans to create a dedicated online compliance portal, launch national awareness campaigns, and continue stakeholder consultations to ensure smooth industry adoption. These initiatives are expected to boost investor confidence and protect consumers from fraud, money laundering, and other risks tied to digital currencies.
With the VASP Bill, Ghana is making its most significant move yet in regulating digital assets, joining a growing list of countries prioritizing financial oversight in the crypto era. The BoG emphasized that the ultimate goal is to balance innovation with safety, protect users, and strengthen the integrity of Ghana’s financial system.
source: citi newsroom