Following the passage of Ghana’s Virtual Asset Service Providers (VASPs) legalizing the use of cryptocurrency, the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) say the detailed rules of engagement are on the way.
With Parliament’s passage of the Virtual Asset Service Providers (VASPs) Bill, attention is now firmly on the next critical step, which is the issuance of directives and regulatory instruments by the BoG and the SEC in the coming months to operationalise the new law.
These rules will explain how the Act will work in practice and what players in the digital asset space must do to stay compliant.
For many businesses and individuals operating in areas such as cryptocurrencies, digital tokens, exchanges, wallets, and related services, the forthcoming directives will provide long-awaited clarity. Until now, virtual asset activities in Ghana have largely operated in a grey area, with innovation moving faster than regulation.
The new guidance is expected to spell out who must apply for a licence, who needs to register, and whether oversight will come from the central bank or the SEC, depending on the nature of the activity.
Industry watchers say the impact could be significant. Clear rules are likely to separate serious operators from fly-by-night actors, reducing scams and protecting users who have lost money in poorly regulated digital schemes in the past.
This could mean greater confidence that platforms handling their money are accountable and supervised.
The move opens the door for safer innovation. Banks, fintechs, and investment firms that have been cautious about engaging with virtual assets may now explore opportunities under a defined regulatory framework.
This could encourage responsible product development, attract investment, and integrate digital assets more carefully into Ghana’s broader financial system.
“The Bank and SEC will issue directives and regulatory instruments in the coming months to operationalise the Act, providing guidance for applicants and clarifying requirements. The Bank of Ghana and SEC reaffirm their commitment to a safe, transparent, and innovative virtual asset ecosystem, protecting users and safeguarding the financial system,” the notice released by the BoG announced.
The directives are expected to strengthen safeguards around money laundering, fraud, and financial stability. By setting clear standards and compliance requirements, regulators aim to ensure that virtual assets do not become a weak link in the country’s financial architecture.
