Ghana to Operationalise Crypto Law: BoG and SEC Set to Issue Guidelines for Virtual Assets

Ghana is taking a major step toward formalising its cryptocurrency market as the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) announced plans to issue detailed guidelines for the Virtual Asset Service Providers (VASPs) Act. The upcoming directives will provide clarity on application procedures, compliance obligations, and supervisory requirements for participants in the country’s digital asset space.

The passage of the VASPs Bill by Parliament marks a historic milestone for Ghana’s crypto ecosystem. The law establishes a comprehensive legal framework to oversee virtual assets and the firms offering related services, with the effective date of the Act to be announced soon. Under the new regime, individuals and businesses involved in cryptocurrency trading, exchanges, and custodial services will need to obtain a licence or register with the BoG or SEC depending on their operations.

Officials from both regulators emphasised their commitment to creating a safe, transparent, and innovative virtual asset environment. They aim to protect users, safeguard the integrity of Ghana’s financial system, and ensure that the fast-growing digital asset market operates under formal oversight. Current estimates show that more than three million Ghanaians use virtual assets, supported by around 100 licensed service providers across the country.

The VASPs Act is also a response to broader international concerns about financial stability and crime. The International Monetary Fund (IMF) has urged African central banks to tighten regulatory oversight on digital assets, citing risks linked to high inflation, currency volatility, and surging cryptocurrency prices. While recognising the potential for innovation through blockchain and decentralised finance, the IMF cautioned that unchecked growth could undermine financial stability, facilitate tax avoidance, and weaken monetary policy effectiveness.

For Ghana, the VASPs Act represents a balance between encouraging digital innovation and managing financial risks. By introducing a formal regulatory framework, authorities hope to strengthen consumer protection, prevent financial crimes, and support a thriving, secure crypto ecosystem that aligns with global best practices.

source: citi newsroom