April 24, 2025
Cryptocurrencies are no longer a fringe phenomenon. They are now part of global finance, with digital tokens, decentralised finance platforms, and blockchain networks reshaping how people invest, move money, and store value. Across the world, regulators are trying to catch up. Some have embraced crypto innovation while others have clamped down on it. Ghana has remained cautious — until now.
For years, the Bank of Ghana has treated cryptocurrencies as unregulated and potentially risky. In public notices dated 22 January 2018 and 9 March 2022, the central bank reiterated that cryptocurrencies are not legal tender in Ghana, are not regulated under any domestic law, and are not backed by any form of guarantee. Commercial banks and other licensed financial institutions were instructed to steer clear. This position created a legal vacuum. Cryptocurrency transactions continued, but they did so in the shadows, unmonitored, informal, and potentially exposed to abuse. Investors lacked recourse, operators lacked clarity, and financial institutions lacked direction. Yet digital asset activity grew.
Policy shift: regulation is coming
In August 2024, the Bank of Ghana issued draft regulatory guidelines aimed at taming the cryptocurrency market. These guidelines proposed mandatory registration for Virtual Asset Service Providers (VASPs), anti-money laundering (AML) compliance obligations, and strict internal control systems. The guidelines were intended to protect the financial system, reduce exposure to criminal activity, and introduce some order into a chaotic space.
On the back of these guidelines, the Governor of the Bank of Ghana has announced (at the African Leaders and Partners Forum 2025 in Washington, D.C.) that the central bank intends to commence regulation of virtual assets by the end of September 2025 through the enactment of a VASP law. According to the Governor, the proposed VASP law will empower the Bank of Ghana to license and supervise the operations of entities active in the digital asset space. It 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.
This development reflects a policy commitment made by the current government in its most recent election manifesto, which included the enactment of the VASP law as one of the measures to strengthen and modernise Ghana’s financial sector. In preparation for this shift, the Bank of Ghana plans to establish a specialised unit dedicated to the supervision and regulation of digital assets.
Why it matters
Ghana’s approach so far has created a regulatory vacuum. Crypto activities have continued through peer-to-peer networks and informal platforms, but without legal certainty or consumer protections. This exposes users to fraud and market volatility, and service providers operate with no formal rules or licensing obligations. A legal framework will help address these risks and bring order to the system.
This move also reflects growing international pressure for countries to bring virtual assets under regulatory control. The Financial Action Task Force (FATF) requires states to impose anti-money laundering and counter-terrorist financing measures on virtual asset service providers. As other countries move to comply, Ghana cannot afford to fall behind especially if it wants to maintain credibility with global financial institutions and avoid grey-listing.
Impact on financial innovation and fintech
A well-designed legal framework could give local fintechs and investors more confidence to build blockchain-based tools. Regulatory clarity may unlock new forms of value transfer, support more efficient payment systems, and create business opportunities in tokenisation, digital identity, and decentralised finance. Ghana’s fintech sector stands to benefit, provided the new rules strike the right balance between control and innovation.
What stakeholders should expect
Service providers will likely face extensive licensing and reporting requirements. Banks and financial institutions may be allowed to interact with crypto in regulated ways. For consumers, the rules could mean greater protections, but also stricter compliance checks and limits on certain transactions. Anyone operating in or entering the space must prepare for a more structured, compliance-driven environment.
Enforcement and institutional readiness
Introducing a law is one thing; enforcing it is another. The decentralised nature of crypto means enforcement will require technical capacity and cross-border cooperation. Both the Bank of Ghana and the SEC will need to invest in systems and skills to supervise this fast-evolving space. There may also be room for collaboration between regulators and industry players to build a system that is practical and forward-looking.
Tax implications
With regulation will come taxation. The Ghana Revenue Authority (GRA) may begin requiring crypto platforms to report income and user transactions. Individuals and businesses could also face new tax obligations on crypto gains or digital asset income. These changes will need to be clearly explained and phased in to avoid confusion or non-compliance.
Consumer protection
Crypto is often associated with high-risk schemes, scams, and speculative trading. Any new regime must be matched with clear efforts to inform the public, protect users, and ensure access to redress. Without public trust, no regulatory system can be truly effective.
Beyond Crypto: building the digital economy
Finally, it is worth noting that virtual asset regulation goes beyond cryptocurrencies. Stablecoins, blockchain infrastructure, and central bank digital currencies (CBDCs) are all part of this fast growing space. Ghana can use this opportunity to lay the foundation for a wider digital economy that supports innovation, financial inclusion, and economic resilience.
The Bank of Ghana's decision to regulate cryptocurrency signals a clear shift in its policy stance. Digital assets have remained unregulated for years, but their growing use and the absence of oversight have created a legal and economic gap. Regulation alone will not eliminate the risks, but it introduces a foundation for control, investor confidence, and future development. The extent to which this benefits Ghana will depend on how the proposed VASP law is drafted, enforced, and adapted over time.
