Mr Kwesi Dadzie-Yorke, a fintech law expert, has commended the Government for enacting the Virtual Asset Service Providers Act, 2025 (Act 1154), describing it as a major step towards protecting consumers from fraud, combating financial crime and promoting financial stability.
He said the law provides a comprehensive legal framework for regulating Ghana’s digital asset ecosystem by licensing and supervising virtual asset service providers, thereby strengthening confidence in the financial system.
Mr Dadzie-Yorke made the remarks at the ABSA-University of Professional Studies, Accra (UPSA) Law School Quarterly Banking Roundtable XIV in Accra, held on the theme: “Digital Assets Regulation in Ghana: Navigating Opportunities and Risks.”
The Virtual Asset Service Providers Act, 2025 (Act 1154), passed by Parliament on December 19, 2025, establishes a legal framework for the licensing, registration and supervision of digital asset businesses by the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC).
The legislation brings cryptocurrency exchanges, trading platforms and digital wallet custodians under formal regulatory oversight.
Mr Dadzie-Yorke said the growing interest in cryptocurrencies in Ghana made regulation necessary to safeguard consumers and prevent abuse by fraudulent operators.
He noted that available statistics indicated that about three million Ghanaians were involved in cryptocurrency activities, highlighting the rapid growth of the sector.
According to him, the new law strengthens regulatory oversight and enforcement to protect consumers from scams, misleading service providers and other illicit activities.
He stressed the need for Ghana’s legal framework to evolve continuously to keep pace with developments in digital assets and emerging financial technologies.
Mr Dadzie-Yorke also called for stronger data protection laws to address crypto-related fraud and prevent abuse within the digital financial ecosystem.
He urged continuous capacity building for the judiciary to enhance judges’ understanding of digital financial services and virtual assets, enabling them to adjudicate related cases effectively.
Mr Tahiru Alhassan, Head of the Virtual Assets Department at the Bank of Ghana, said the central bank was making steady progress towards operationalising the Act and would engage industry stakeholders in developing implementation guidelines.
He said the guidelines would address key areas including anti-money laundering and counter-financing of terrorism measures, consumer protection, cybersecurity and technology standards.
Mr Alhassan explained that the Act adopts a dual regulatory model under which the Bank of Ghana oversees payment systems, monetary stability and financial infrastructure, while the Securities and Exchange Commission supervises investment-related virtual asset activities.
He urged financial institutions to strengthen their risk management and internal control systems, particularly in relation to virtual asset transactions, third-party engagements and emerging financial crime risks.
Professor Virag Blazsek, Associate Professor at the University of Leeds School of Law, called on central banks to remain proactive in addressing risks associated with virtual asset transactions through effective regulation and oversight.
