Ghana has officially legalized cryptocurrency trading with the passage of the Virtual Asset Service Providers (VASP) Bill, 2025. Bank of Ghana (BoG) Governor, Dr. Johnson Asiamah, announced the enactment of the new law, which provides a structured regulatory framework to oversee digital asset activities and address risks associated with the rapidly growing sector.
The move ends the uncertainty that previously surrounded crypto transactions in Ghana. Individuals engaged in crypto transactions will no longer face the threat of legal repercussions. The new law empowers authorities to protect consumers and maintain financial stability. It is designed to curb fraud and financial crime while encouraging innovation and financial inclusion, especially among young and tech-driven entrepreneurs. Dr. Asiamah believes that strong regulation will attract responsible investors and fintech companies, helping diversify Ghana's economy.
The legislation mandates licensing, supervision, and compliance requirements for firms operating in the crypto sector. This includes exchanges and service providers, who will likely face strict reporting and Anti-Money Laundering (AML) requirements. The Governor emphasized that the progress calls for "responsibility and vigilance". The absence of regulation in the past exposed users to fraud, money laundering, and systemic risks, which the new framework seeks to address.
The Bank of Ghana (BoG) will now be able to license, supervise, and monitor entities operating in the digital asset space. This includes enforcing standards for cybersecurity and capital requirements. The VASP law will also enable joint oversight by the Bank of Ghana and the Securities and Exchange Commission (SEC) over a broad range of activities, including cryptocurrencies, digital fiat currencies, tokens, and blockchain-based platforms.
Ghana remains a key hub for cryptocurrency use in Sub-Saharan Africa. Approximately 3 million Ghanaians, about 9% of the population, are estimated to have made crypto transactions totaling more than US$3 billion between July 2023 and June 2024. The increasing use of digital assets for remittances and as a hedge against the volatility of the Ghanaian cedi has necessitated these new regulations.
Ghana's move mirrors a broader trend across Africa, as a growing number of countries aim to formalize crypto oversight. Kenya recently legalized Bitcoin and other crypto assets, establishing clear operational guidelines for local exchanges.
The passage of the crypto law, alongside amendments to the Bank of Ghana Act, reflects lessons learned from past economic shocks and the need to safeguard institutional credibility. The Central Bank anticipates that this regulatory framework will foster financial security and innovation for both individuals and firms.
