Crypto Regulation in Ghana Slated for September 2025
Ghana is set to transition from a restrictive approach to a structured regulatory framework for cryptocurrencies, with major developments anticipated by September 2025. The Bank of Ghana (BoG) is spearheading this change, planning to implement the Virtual Asset Providers Act.
The Virtual Asset Providers Act
This legislative framework, scheduled to be submitted to parliament by September 2025, aims to legally license and regulate crypto platforms operating in Ghana. It focuses on licensing crypto exchanges, wallet providers, and other service providers, enforcing anti-money laundering (AML) and Know Your Customer (KYC) compliance, consumer protection, cybersecurity audits, and minimum capital thresholds, approximately 5 million Ghanaian cedis.
Licensing and Registration
By September 2025, cryptocurrency firms must obtain VASP licenses to operate legally. Before license issuance, all VASPs operating in Ghana must register with the BoG by August 15, 2025. Failure to register could result in penalties or exclusion from licensing opportunities.
Bank of Ghana Digital Assets Unit
The BoG is establishing a dedicated unit to manage the new digital asset regulatory framework, oversee licensing, and monitor compliance. This unit is part of the effort to bring clarity, transparency, and accountability to the digital asset market in Ghana.
Regulatory Objectives
The framework aims at stabilizing Ghana’s currency (the cedi), balancing innovation with compliance, protecting consumers, and attracting global fintech investment. With $3 billion in crypto transactions recorded between July 2023 and June 2024 and 17% adult adoption, regulation is seen as necessary to mitigate risks and harness growth opportunities.
Complementary Oversight Bodies
Other entities involved include the Securities and Exchange Commission (SEC), Financial Intelligence Centre (FIC), and Ghana Revenue Authority (GRA), which respectively handle securities law enforcement, AML/CFT compliance, and taxation of crypto-related activities.
Progress and History
Significant progress has been made toward building a regulatory framework, as stated by SEC boss Dr. James Klutse in March. This move to regulate cryptocurrency is due to the rapid growth of crypto activity in Ghana, despite a lack of legal clarity. Prior to this, in 2018, the BoG had warned that cryptocurrencies like Bitcoin were not recognized under Ghanaian law.
In conclusion, Ghana’s regulatory status as of mid-2025 is one of active transition toward formal legislation, with the Virtual Asset Providers Act and the Bank of Ghana’s digital assets unit marking pivotal steps. These efforts are designed to legitimize crypto operations, enhance market trust, and support financial stability while ensuring robust oversight.
The Bank of Ghana's implementation of the Virtual Asset Providers Act will legally license and regulate various business entities within the technology sector, such as cryptocurrency exchanges and wallet providers, by enforcing strict regulations like consumer protection, cybersecurity audits, and AML/KYC compliance. By September 2025, these industry players must secure VASP licenses to operate legality, having previously registered with the BoG by August 15, 2025.
Other oversight bodies, including the Securities and Exchange Commission, Financial Intelligence Centre, and Ghana Revenue Authority, will work in conjunction with the BoG's Digital Assets Unit to provide complementary regulations, ensuring that finance-related activities within the crypto industry remain transparent and accountable.
