The Bank of Ghana (BoG) says it will soon issue regulatory directives and instruments to support the implementation of the newly passed Virtual Assets Service Providers Bill.

The directives, to be issued in collaboration with the Securities and Exchange Commission, are expected to guide and regulate crypto and other virtual asset activities in the country.

In a statement, the central bank said the move follows Parliament’s passage of the bill last week, which establishes a legal framework for the regulation of virtual assets and Virtual Asset Service Providers.

The Bank of Ghana noted that the effective date of the new law will be announced in due course.

According to the statement, individuals and entities engaged in virtual asset activities will be required to obtain a licence or register with either the Bank of Ghana or the Securities and Exchange Commission, depending on the nature of their operations.

The Bank of Ghana and the SEC reaffirmed their commitment to building a safe, transparent and innovative virtual asset ecosystem, while protecting users and safeguarding the stability of the financial system.