Registration of Virtual Asset Service Providers (VASPs) demanded by Bank of Ghana as regulatory measures intensify
As of July 2025, Ghana is moving towards formal cryptocurrency regulation, with the central element being the upcoming Virtual Asset Providers Act (VAPA). This marks Ghana’s first comprehensive regulatory framework aiming to license and oversee virtual asset service providers (VASPs) such as crypto exchanges, wallet operators, payment firms using digital assets, and projects issuing tokens or Initial Coin Offerings (ICOs).
The registration process for VASPs is currently underway, serving as a preliminary step before full licensing is implemented. The Bank of Ghana (BoG) has asked virtual assets service providers (VASPs) in Ghana to register with it by August 15, 2025. This registration is intended to identify and assess companies involved in virtual asset services, support the development and enforcement of the forthcoming regulatory framework, and help the BoG better monitor capital flows and improve monetary policy amidst rising crypto adoption.
The push for regulation comes amid rapid growth in Ghana’s crypto market, with around 3 million users, approximately 17% of the population, contributing to about $3 billion in transactions from mid-2023 to mid-2024. Previously, cryptocurrency use was banned since 2022, with Ghanaian banks prohibited from dealing in digital assets, but the current approach signals a shift from prohibition to integration and oversight.
The registration deadline for VASPs in Ghana is August 15, 2023. Companies required to register include cryptocurrency exchanges, wallet providers, payments companies utilizing digital assets, and projects looking to issue initial coin offerings and token sales. The registration process will help align crypto rules in Ghana with global standards.
The BoG's secretary, Sandra Thompson, signed a release announcing the registration deadline for virtual assets service providers (VASPs) in Ghana. The regulatory process in Ghana has since picked up steam, with the establishment of a task force by the Securities and Exchange Commission (SEC) of Ghana in December 2022 to help regulate cryptocurrencies.
The new governor of the BoG, Johnson Asiama, announced that regulations for cryptocurrencies will go live by September. The VAPA, once passed by the country's lawmakers, will include consumer protections, anti-money laundering controls, tax obligations for providers, and security requirements such as minimum capital levels and suspicious transaction reporting obligations. Failure to register may result in sanctions and potential disqualification from any eventual licensing initiative.
In summary:
- Ghana is moving towards formal cryptocurrency regulation with the upcoming Virtual Asset Providers Act (VAPA).
- The registration process for VASPs is currently underway, with a deadline of August 15, 2023.
- The VAPA will include consumer protections, anti-money laundering controls, tax obligations, and security requirements.
- The registration process is a necessary step towards licensing, with failure to register potentially leading to sanctions.
- The BoG's move is intended to further promote innovation and protect Ghanaian citizens in the digital asset sector.
This reflects Ghana’s intention to integrate crypto into its formal financial system while managing risks and boosting transparency, investment, and cedi stability. Ghana is another entry on a growing list of African countries looking to properly regulate cryptocurrencies and virtual assets.
- The registration process for virtual asset service providers (VASPs) in Ghana is currently underway, with the Bank of Ghana (BoG) asking companies to register by August 15, 2023.
- The Virtual Asset Providers Act (VAPA) aims to license and oversee VASPs, including crypto exchanges, wallet operators, payment firms using digital assets, and projects issuing tokens or Initial Coin Offerings (ICOs).
- The VAPA will include consumer protections, anti-money laundering controls, tax obligations for providers, and security requirements such as minimum capital levels and suspicious transaction reporting obligations.
- The BoG's move towards formal cryptocurrency regulation reflects Ghana’s intention to integrate crypto into its formal financial system while managing risks, boosting transparency, investment, and cedi stability, joining other African countries looking to regulate cryptocurrencies and virtual assets.
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