Ghana has formally approved a licensing regime for virtual asset services, requiring all market participants, including social media influencers, to seek authorization from regulators before operating.
The traction follows the passage of the Virtual Asset Service Providers (VASP) Bill by Parliament on December 19, 2025. The legislation provides Ghana’s first legal framework for digital assets and establishes shared oversight between the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC).
The development represents a change from earlier regulatory warnings about cryptocurrency risks to a structured system of control. The BoG stated that persons and entities conducting virtual asset activities must now obtain licensing or registration from either institution, depending on the nature of the activity.
At the National Virtual Asset Literacy Program on Monday December 22 2025, SEC Deputy Director-General, Mensah Thompson detailed that this requirement extends to public figures and online promoters.
“The crypto space is very volatile. That is why we have made provisions in the law to regulate advocacy, advertising, and promotion of crypto assets. So, if you’re an influencer and want to operate in that space, you must contact the SEC or BoG, depending on your area of interest for the necessary approvals and guidance,” Thompson said.
He cautioned that operating without authorization would lead to penalties.
“The promotion of cryptocurrencies will be streamlined. No one will be allowed to offer advice on the performance of any crypto coin or virtual asset without authorisation. If you do so, law enforcement agencies will arrest you, and sanctions will apply,” he added.
Some industry operators at the forum raised questions about the implementation process. In response, Thompson indicated that further guidelines are forthcoming.
“This is one of the most extensively consultative laws Ghana has ever passed. We’ve engaged several players across the value chain. Hopefully, the guidelines will be rolled out soon, even as we wait for the President to assent to the bill,” he added.
For nearly a decade, Ghana’s stance on cryptocurrencies was one of official caution. The Bank of Ghana issued public notices in 2018 and 2022, reiterating that digital currencies were not legal tender, were not backed by any guarantee, and operated outside the regulated financial system. This position created a vacuum where an estimated 3 million Ghanaians about 17% of the adult population engaged in crypto transactions, which reached roughly $3 billion in the year through mid-2024, all without formal oversight or consumer safeguards.
The policy shift began taking shape in August 2024, when the BoG issued draft regulatory guidelines. It culminated with the announcement that regulation would commence by the end of September 2025, a timeline now realized with the bill’s passage. Lessons from the 2022 global crypto market downturn and domestic financial sector reforms influenced the push for a controlled framework to prevent systemic risks.
The newly passed law establishes a dual-regulator model. The Bank of Ghana and the Securities and Exchange Commission will share oversight, with individuals and entities requiring a license or registration from one of the two bodies depending on the nature of their virtual asset services.
The formalization of the market is expected to attract international exchanges and fintech firms that had previously been hesitant to enter Ghana due to legal uncertainty. Bank of Ghana Governor Dr. Johnson Asiama has stated that the goal is to bring crypto activity “within clear, accountable, and well-governed boundaries,” aiming to protect consumers, combat money laundering, and promote responsible innovation.
