Ghana is preparing to bring order to its fast-growing cryptocurrency sector with the introduction of a new law aimed at regulating virtual asset services. The move is a significant shift for one of Africa’s most active crypto markets, where millions of people trade, save, and invest in digital currencies despite operating in a largely unregulated environment.
The focal instrument for this shift is the Virtual Asset Service Providers (VASP) Act, a legal framework that will introduce licensing and strict oversight for businesses handling cryptocurrencies, tokens, and blockchain-based services. Once in place, the law will require crypto exchanges, wallet providers, custodians, and other virtual asset operators to register officially and operate under the supervision of the Bank of Ghana and the Securities and Exchange Commission.
Governor Johnson Asiama has publicly acknowledged the growing use of cryptocurrencies in Ghana, noting that digital assets have become too widespread to ignore. With over 3 million Ghanaians estimated to hold some form of crypto, the central bank sees regulation not as a tool to discourage use but as a way to protect consumers, promote trust, and attract responsible innovation in the financial sector. Asiama stressed that the new law is designed to strike a balance between user protection and technological progress.
However, regulators face the complex task of supervising assets that move across borders and platforms beyond their control. There are also concerns about how much oversight is too much, excessive restrictions could slow down innovation, while too little could leave users vulnerable to scams and fraud. To ease the transition, the Bank of Ghana has already instructed existing crypto operators to register provisionally, an interim step before full licensing begins.
About the VASP law, it seeks to clearly define who can operate as a virtual asset provider in Ghana and under what rules. It introduces compulsory licensing, compliance requirements on anti-money laundering and consumer protection, and transparent reporting structures. By doing this, the government hopes to create a safer and more predictable digital asset market, turning Ghana into a regional leader in blockchain regulation.
If successfully implemented, the law could transform how crypto businesses operate in Ghana, moving them from informal setups into trusted, regulated financial services, a change that could reshape West Africa’s digital economy.
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