Parliament passes Virtual Asset Service Providers Bill, paving way for crypto regulation in Ghana

In a landmark move aimed at strengthening the digital financial landscape, Parliament has passed the Virtual Asset Service Providers (VASPs) Bill, establishing a formal legal framework for the regulation of virtual assets and the entities that facilitate their trade.

The passage of the Bill marks a significant milestone in the ongoing efforts to modernize its financial sector and bring emerging technologies like cryptocurrencies under regulatory oversight.

The new legislation requires individuals and organizations engaging in virtual asset activities to obtain either licensing or registration from the Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC), depending on the specific nature of the activity.

While the effective date of the Act has not yet been announced, the BoG and SEC have committed to issuing detailed directives and regulatory instruments in the coming months.

These guidelines will clarify application procedures, operational requirements, and compliance standards for virtual asset service providers.

The passage of the VASPs Bill comes amid growing global attention on cryptocurrency regulation, as countries strive to balance innovation with financial stability and consumer protection.

For Ghana, the move reflects the government’s recognition of the rapid growth of the virtual asset sector, which has seen increasing adoption among retail investors, fintech companies, and digital payment platforms.

Previously, the industry operated largely without formal oversight, raising concerns about fraud, money laundering, and other financial crimes.

In a joint statement, the BoG and SEC reaffirmed their commitment to fostering a safe, transparent, and innovative virtual asset ecosystem.

They emphasized that the new law aims to protect users, mitigate risks to the financial system, and encourage responsible growth within the sector.

The regulators also highlighted plans for ongoing engagement with stakeholders to ensure that the framework remains adaptive to technological advances.

The BoG has established a dedicated FinTech and Innovation Office, which will serve as the primary point of contact for inquiries related to the Bill and its implementation.

Officials have assured the public that the forthcoming guidelines will provide clear directions for compliance, licensing, and registration, signaling the start of a new era for the digital financial economy.