.svg)
Ghana is preparing for a major shift in its regulatory approach to virtual assets, with the Virtual Asset Service Providers (VASP) Bill 2025 set to introduce a structured, risk-based regulatory framework for virtual asset activities. As one of West Africa’s largest economies, Ghana’s approach is likely to influence regulatory developments across the region.
The Bank of Ghana (BoG), working with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), has completed the draft bill following extensive consultations with industry, state institutions and international partners.
The regulatory push reflects rapid expansion in Ghana’s virtual asset ecosystem. According to the BoG’s Policy Position on Virtual Assets and Service Providers, this ecosystem now includes more than 3m users (around 10 percent of the population) and over 100 VASPs offering exchange, custody, wallet and brokerage services. This penetration rate exceeds that of many developed markets and underscores Ghana’s growing fintech leadership.
The 2024 National AML/CFT/CPF Risk Assessment identified significant exposure to money laundering, terrorist financing, consumer risks and operational vulnerabilities due to the absence of a dedicated regulatory framework.
Ghana’s move mirrors broader continental trends: Kenya’s Virtual Asset Providers Act, passed in November 2025, introduces licensing categories for exchanges, custodial wallets, processors and token issuance platforms, signalling a wider regional shift towards structured oversight.
Establishing a regulatory foundation
The VASP Bill will introduce a legal basis for the registration, licensing and supervision of entities conducting virtual asset activities in or from Ghana.
The framework aims to safeguard financial stability, enhance consumer protection and align with Financial Action Task Force (FATF) standards, including enforcement of the Travel Rule, which requires VASPs to collect and transmit accurate sender and recipient information.
The bill is expected to provide clear definitions of VASPs and codify supervisory roles across agencies, with the BoG overseeing payments, custody and activities with systemic implications, the SEC regulating trading and investment activities, and the FIC supervising anti-money laundering/counter-terrorism financing (AML/CTF) compliance.
Preparing for implementation
The BoG’s policy blueprint outlines a technology-neutral, activity- and risk-based licensing model. Exchange, custody, wallet, brokerage, advisory and tokenisation providers will be regulated according to the services they perform rather than the technologies they use.
This technology-neutral approach mirrors frameworks such as the EU’s Markets in Crypto-Assets (MiCA) regime and comparable models in Singapore and the UAE, ensuring Ghana’s rules are internationally aligned.
The blueprint also proposes a Virtual Assets Regulatory Office (VARO) to strengthen institutional coordination and a National Virtual Assets Literacy Initiative (NaVALI) to address persistent gaps in consumer awareness and digital financial literacy.
Priorities for 2026
Ghana’s VASP Bill positions the country to introduce a comprehensive, internationally aligned regulatory framework that supports responsible innovation while strengthening market discipline.
VASPs should monitor its progress through parliament and engage early with the BoG, SEC and FIC to understand emerging supervisory expectations.
Firms should conduct gap analyses against anticipated licensing and operational standards, strengthen AML/CTF and cybersecurity capabilities, and budget for additional compliance and reporting costs.
For market participants, 2026 will be a defining year. A clearer regulatory environment should attract institutional participation and support credible market growth. However, VASPs with weak governance, inadequate controls or outdated business models may struggle to meet the new requirements and risk exiting the market.
Early investment in compliance, operational resilience and regulatory engagement will position firms to shape Ghana’s virtual asset ecosystem and compete effectively in a more transparent, regulated market.
