The Bank of Ghana (BoG) has unveiled Ghana’s official Policy Position on Virtual Assets and Service Providers (VASPs), marking a significant step toward establishing a comprehensive regulatory framework for the country’s growing digital asset ecosystem.
The new policy, developed in collaboration with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), seeks to balance the opportunities presented by blockchain innovation with the need to safeguard financial stability, enhance consumer protection, and prevent financial crimes such as money laundering and terrorist financing.
According to the document, Ghana’s virtual asset ecosystem has expanded rapidly, now encompassing over 3 million users and more than 100 registered service providers offering exchange, wallet management, brokerage, and investment advisory services.
While the central bank had previously cautioned the public that cryptocurrencies were not legal tender, the BoG’s 2025 policy paper signals a shift toward structured regulation rather than prohibition.
“Outright bans would likely drive activity underground and eliminate prospects for oversight,” the report notes, aligning Ghana with Financial Action Task Force (FATF) guidelines discouraging blanket prohibitions.
Instead, the country is pursuing a risk-based regulatory framework that enables responsible innovation while addressing threats to monetary stability and financial integrity.
Guiding Principles
The policy outlines six guiding principles for Ghana’s approach to regulating virtual assets:
- Mandatory Regulation: All virtual asset service providers must operate under regulatory supervision.
- Activity-Based Oversight: Regulations will focus on the nature of the financial activity, not the underlying technology.
- Risk-Based Supervision: Oversight will be proportionate to the level of financial and systemic risk.
- Collaborative Regulation: Coordination among agencies including BoG, SEC, FIC, the Cybersecurity Authority, and the Data Protection Commission.
- Continuous Monitoring: Active tracking of global best practices and technological developments.
- Financial Literacy: A strong push to improve virtual asset literacy among Ghanaians to prevent scams and misuse.
Key Policy Recommendations
Under the proposed framework, all entities offering virtual asset services must be licensed or registered with the appropriate authority.
- The Bank of Ghana will oversee activities involving payments, custody, and monetary stability.
- The Securities and Exchange Commission will regulate virtual asset trading and investments.
- The Financial Intelligence Centre will supervise compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT)
The policy also recommends enforcing FATF’s “Travel Rule”, requiring VASPs to collect and share accurate sender and receiver information on all virtual asset transactions to ensure traceability.
To strengthen governance and oversight, the BoG proposes establishing a Virtual Assets Regulatory Office (VARO) — a dedicated institution to coordinate virtual asset supervision, engage stakeholders, and liaise with international regulators.
Despite the regulatory shift, the BoG maintains that virtual assets are not recognized as legal tender in Ghana and cannot be used for settling payments.
The Bank emphasizes that its primary goal is to integrate virtual asset innovation into Ghana’s financial system responsibly, without compromising consumer protection, financial stability, or national security.
As part of the new framework, the Bank will launch the National Virtual Assets Literacy Initiative (NaVALI) in partnership with the SEC, Ministry of Education, and private sector actors. The initiative aims to raise public awareness, build capacity, and promote safe participation in the digital asset economy — particularly among the youth, who represent a large portion of virtual asset users.
The Bank of Ghana’s policy signals its intent to make Ghana a regional leader in responsible virtual asset regulation, aligning with global standards set by the IMF, FATF, BIS, and IOSCO.
By implementing a principle- and risk-based framework, Ghana aims to foster innovation in fintech, digital payments, and blockchain while protecting its financial ecosystem from illicit risks.
Source: www.kumasimail.com
