The Bank of Ghana (BoG) has unveiled a national policy position on virtual assets and service providers (VASPs), setting the stage for a comprehensive regulatory framework to oversee the country’s rapidly growing digital asset market.
The November policy, outlines Ghana’s plan to regulate virtual asset activities through a risk-based and collaborative framework, rather than imposing an outright ban. The move follows a surge in the use of cryptocurrencies and related services, with more than 3 million Ghanaians now estimated to be participating in the virtual asset ecosystem.
According to the BoG, the decision was informed by the 2024 National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) risk assessment, which found that virtual assets are increasingly being used for payments, trading, and investment, but with limited regulatory oversight.
The Bank said Ghana would not criminalize virtual assets, noting that bans tend to “push activity into informal, unregulated channels,” heightening risks of money laundering, terrorist financing, and consumer abuse. Instead, the country will pursue a framework that balances innovation with financial stability and consumer protection.
“Virtual assets can no longer remain outside the regulatory remit,” the statement said. “Ghana’s approach will be neutral, not hostile or overly permissive, to allow responsible innovation while safeguarding monetary and financial integrity.”
The new policy sets out six guiding principles, including ensuring that VASPs are regulated, applying an activity-based and risk-sensitive approach, enhancing inter-agency collaboration, and boosting public literacy on digital finance.
The framework also proposes the creation of a Virtual Assets Regulatory Office (VARO), a dedicated agency to supervise the sector, coordinate with regulators such as the Securities and Exchange Commission (SEC), Financial Intelligence Centre (FIC), and Cybersecurity Authority, and serve as a bridge between government and the digital asset industry.
Under the proposed rules, all VASPs operating in or from Ghana must register and obtain licenses depending on their activities, including exchange, wallet management, custody, payments, and brokerage. Regulatory responsibility will be shared among the BoG, SEC, and FIC, with strict anti-money laundering requirements enforced under Act 1044.
The BoG also confirmed that Ghana will adopt the Financial Action Task Force (FATF) Travel Rule, requiring VASPs to collect and share sender and receiver information on all virtual asset transfers to ensure transparency and traceability.
The policy further recommends a National Virtual Assets Literacy Initiative (NaVALI) to educate the public and promote safer participation in digital markets, especially among youth who dominate the virtual asset space.
While acknowledging the potential benefits of blockchain and tokenized finance, including faster remittances and financial inclusion, the central bank stressed that virtual assets are not legal tender and cannot be used for official settlement in Ghana.
The move is a key milestone in Ghana’s digital finance evolution, placing the country among a growing number of African economies taking structured steps toward regulating cryptocurrencies and blockchain-based services.
