The Bank of Ghana has announced significant progress in its efforts to establish a comprehensive regulatory framework for virtual asset activities in the country, as part of broader efforts to ensure financial stability and promote responsible innovation in the digital finance space.

In a statement released on Wednesday, October 1, the central bank confirmed that it has completed the drafting of the Virtual Asset Service Providers (VASP) Bill, developed in close collaboration with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC).

The draft legislation has already undergone extensive consultation with industry groups, relevant state agencies, and international development partners, and is now advancing towards consideration by Parliament.

The proposed bill aims to regulate the operations of entities involved in virtual asset services such as cryptocurrency exchanges, wallet providers, and related platforms, ensuring that activities within this space are conducted safely, transparently, and in compliance with Ghana’s financial laws.

As part of preparatory work, the Bank in July 2025 conducted a mandatory registration exercise for all virtual asset service providers operating in Ghana.

This initiative provided critical baseline data and insights into the current virtual asset landscape, which have helped shape the proposed regulatory framework to be both market-relevant and fit for purpose.

Looking ahead, the Bank has adopted a structured roadmap for the phased implementation of the framework and operationalisation of the forthcoming VASP Act. Key next steps include:

• Continued consultation with the Executive and Legislative arms of government
• Launch of a dedicated online portal to serve as a central information and compliance hub for VASPs
• Nationwide awareness campaigns and stakeholder engagement sessions
• Preparatory measures to ensure a smooth and effective rollout of the Act once passed

The Bank of Ghana reiterated its commitment to cultivating a safe and innovative virtual asset ecosystem that protects consumers, encourages responsible technological development, and upholds the integrity of the broader financial system.

“The Bank remains resolute in its objective to foster a transparent and robust regulatory environment for virtual assets, ensuring that Ghana is well-positioned to benefit from the opportunities of the digital economy while managing associated risks,” the statement concluded.