Ghana is set to introduce a formal licensing regime for cryptocurrency firms before the end of September 2025, marking a significant step toward regulating its rapidly growing digital asset market. The move, led by the Bank of Ghana in collaboration with the Securities and Exchange Commission, comes amid a surge in crypto adoption across the country and the broader region.
The regulatory framework, known as the Virtual Asset Providers Act, is currently being finalized and will be presented to Parliament in the coming weeks. Once passed, it will establish a legal and supervisory system for virtual asset service providers, including exchanges, wallet platforms, and token issuers operating within the country.
The goal is to bring these firms under formal oversight, ensure market integrity, and align Ghana’s financial system with evolving global standards for digital assets.
A new digital asset regulatory unit is being established within the central bank to manage the licensing process, monitor compliance, and enforce risk controls. Under the new law, companies will be required to submit operational data, implement robust customer verification measures, and meet anti-money laundering obligations. The framework is also expected to create legal grounds for consumer protection, digital taxation, and participation in cross-border digital finance.
The urgency for regulation has grown in light of soaring crypto use across Ghana. While early estimates placed the number of users at around 700,000, recent data indicates that over 3 million Ghanaians are now actively trading cryptocurrencies. Peer-to-peer crypto transactions in the country exceeded $3 billion in the 12 months ending in June 2024, placing Ghana among the top ten countries in the world for crypto adoption.
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Authorities say the framework will help curb risks associated with illicit finance, capital flight, and tax evasion while encouraging innovation and responsible participation in digital finance. Licensing is expected to begin in the third quarter of 2025, following parliamentary approval.
In the interim, all crypto-related businesses have been directed to register with the Bank of Ghana as part of a transitional compliance process aimed at streamlining onboarding and ensuring a smooth shift into the new regulatory environment.
Ghana’s effort mirrors similar regulatory shifts across the African continent, where countries like South Africa, Kenya, and Mauritius are actively creating rules to govern digital assets.
