A roadmap to safer digital finance in Ghana is taking shape as the Bank of Ghana (BoG) has announced that the long-awaited Virtual Asset Service Providers (VASP) Bill is now ready and moving toward consideration by parliament.
The VASP bill, when passed, will regulate businesses dealing in cryptocurrencies and other digital assets. This means that Ghana is one step closer to giving structure to its fast-growing digital money space.
The Central Bank says this bill is about bringing order to what has so far been a free-for-all sector.
“The draft has undergone extensive review by industry groups, relevant state institutions, and international development partners, and is now progressing through the processes leading to consideration by Parliament,” parts of the statement indicated.
As the digital assets rapidly grow in Ghana, many Ghanaians are now using cryptocurrencies and other digital tokens, but without clear rules, users remain exposed to scams, fraud, and unsafe platforms.
In a statement released by the BoG, the central bank indicated that, working together with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), it has spent months drafting the Bill, with input from industry players, government institutions, and even international partners.
Earlier in July 2025, the BoG carried out a mandatory registration exercise for all virtual asset businesses operating in Ghana. This means that the bank found out who is in the space, what they do, and how they operate.
The results, the bank says, are now serving as a foundation for rules that are practical and fit for Ghana’s market.
When passed, the VASP Act will protect consumers. Players in the industry will have safeguards against fraud and unfair practices.
It will also promote trust as licensed businesses will be easier to identify, reducing the risk of falling prey to scams. The law will encourage innovation and set clear rules, meaning entrepreneurs can innovate without fear of sudden clampdowns.
The law is expected to safeguard the financial system. The regulators will have oversight, ensuring virtual asset activities don’t destabilise the wider economy.
The Bank of Ghana says its roadmap includes further consultations with the government and Parliament on the Draft Bill.
It also plans to launch a dedicated online portal where service providers can get information and compliance support. There are plans for nationwide campaigns to educate the public about virtual assets and the new rules.
“The Bank of Ghana remains committed to fostering a safe, transparent, and innovative virtual asset ecosystem that protects users, encourages responsible innovation, and safeguards the integrity of the financial system,” the statement indicated.
Digital assets are global, but without regulations, they can easily be abused for illicit financial flows. For Ghana, regulating the sector is not just about catching up with trends; it’s about protecting users, building trust, and positioning the country to benefit from the trillion-dollar global digital asset economy.
