Copyright ghanaguardian
The Bank of Ghana (BoG) has announced the registration of more than 100 virtual asset service providers (VASPs) as part of a new policy framework to regulate the country’s rapidly expanding cryptocurrency market. In a policy paper titled “Ghana’s Policy Position on Virtual Assets and Service Providers”, released on November 5, 2025, the Bank outlined Ghana’s first comprehensive national framework for overseeing virtual assets such as cryptocurrencies, digital tokens, and related technologies. According to the BoG, a registration exercise conducted in July 2025 identified over 100 companies providing services including crypto exchange, wallet management, brokerage, and investment advisory to more than three million Ghanaians. To enhance oversight, the Bank said it will establish a Virtual Assets Regulatory Office (VARO) to supervise the sector and ensure compliance with anti-money laundering and counter-terrorism financing regulations. “The Bank recognises that virtual assets can no longer remain outside Ghana’s financial regulatory remit,” the document stated. It added that VARO will serve as a coordinating body between government agencies and the virtual assets industry, working with the Securities and Exchange Commission (SEC), Financial Intelligence Centre (FIC), Ghana Revenue Authority (GRA), and National Communications Authority (NCA). The move marks a significant policy shift from the BoG’s earlier cautionary stance. In 2018 and 2022, the central bank warned that cryptocurrencies were not legal tender and instructed financial institutions to avoid crypto-related transactions. The new 2025 framework transitions from warnings to regulation. Under the new regime, Ghana’s regulatory approach will be risk-based and activity-specific, meaning that oversight intensity will depend on the level of risk associated with each service. High-risk activities such as crypto trading and asset custody will be subject to stricter licensing rules, while low-risk services will follow simplified registration procedures. The Bank reaffirmed that virtual assets will not be recognised as legal tender in Ghana. Instead, the framework aims to foster innovation, consumer protection, and financial stability, while reducing exposure to fraud, money laundering, and terrorism financing. The policy also proposes the creation of a National Virtual Assets Literacy Initiative (NaVALI) in collaboration with the SEC and the Ministry of Education. The initiative will promote financial literacy and raise public awareness, particularly among young Ghanaians, who represent the majority of crypto users. Ghana’s new regulatory direction aligns with global standards set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS). The move positions Ghana among a select group of African countries adopting structured frameworks to regulate digital assets while supporting responsible innovation in the financial technology sector
