The Bank of Ghana has announced that it has made some significant progress towards having parliament consider the Virtual Asset Service Providers (VASP) bill.

This bill will, among other things, seek to regulate the activities of cryptocurrency trading and establish a formal structure for their operations and transfer activities as well as custody business.

The Central Bank disclosed this in a statement on October 1, 2025, to update the market on the Virtual Assets Service Providers Bill.

The regulator revealed that it has completed the drafting of the Virtual Asset Service Providers (VASP) Bill while working closely with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC).

It further stated that “the draft has undergone extensive review by industry groups, relevant state institutions, and international development partners, and is now progressing through the processes leading to consideration by parliament.”

The Bank of Ghana is seeking to use this bill to establish a regulatory framework that will bring cryptocurrency exchanges and digital asset platforms under formal oversight, aligning them with Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) rules.

Background

The Bank of Ghana also announced that as part of the process to finalise work on the bill. In July 2025, the regulator conducted a mandatory registration exercise for all virtual asset service providers.

The exercise has provided updated baseline information on virtual asset activities in Ghana, offering valuable insights to guide the design of a regulatory framework that is both market-relevant and fit for purpose.

Outlook for Virtual Asset Service Providers (VASP) Bill

On the way forward for the bill, the Central Bank disclosed that it has adopted a structured roadmap to guide the phased implementation of the framework and the operationalisation of the forthcoming VASP Act.

“Immediate priorities include continued consultations with the Executive Arm of Government, the Legislature and other stakeholders on the Draft Bill; the launch of a dedicated online portal to serve as a central source of information and compliance support for VASPs; nationwide awareness and engagement activities with industry and the public; and preparatory measures to ensure a smooth rollout of the act,” it disclosed in a statement.

The Bank of Ghana added that it remains committed to fostering a safe, transparent, and innovative virtual asset ecosystem that protects users, encourages responsible innovation, and safeguards the integrity of the financial system.

Securities and Exchange Commission and cryptocurrency in Ghana

The Director-General of the Securities and Exchange Commission, Dr James Klutse, earlier this year in an interview with JOYBUSINESS disclosed that the Commission has made significant progress in establishing a regulatory framework for the cryptocurrency sector.

Back in January 2018, the Bank of Ghana issued a public notice reminding Ghanaians that cryptocurrencies such as Bitcoin were not recognised under Ghanaian law.

The Central Bank warned the public to be cautious when transacting with institutions using crypto and advised financial institutions to refrain from facilitating cryptocurrency transactions.