Ghana Moves Closer to Establishing a Regulatory Framework for Virtual Asset Service Providers
Ghana’s Virtual Asset Service Providers (VASP) Bill is heading to Parliament, marking a pivotal step toward creating a comprehensive regulatory framework for the country’s growing digital-asset industry.
If enacted, the Bill will introduce clear licensing, compliance, and operational requirements for exchanges, custodians, and other virtual-asset service providers operating in or from Ghana.
Key Objectives of the Bill:
The proposed legislation seeks to:
- Bring virtual-asset operations under a formal regulatory framework.
- Enforce Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) obligations in line with Financial Action Task Force (FATF) standards.
- Provide legal clarity for both operators and consumers, enhancing transparency and oversight across the sector.
Regulatory Context:
In July 2025, the Bank of Ghana conducted a mandatory registration exercise for crypto-asset service providers to establish a baseline industry register. This early initiative reflected the regulator’s commitment to improving visibility and accountability within the virtual-asset ecosystem.
With Parliament now set to deliberate on the VASP Bill, Ghana is positioning itself as a potential regional leader in digital-asset regulation—joining peers such as Nigeria and Kenya in formalising oversight of crypto-related activities.
Why This Development Matters:
The introduction of a clear, risk-based regulatory framework is expected to reduce counterparty risk and facilitate stronger relationships between licensed virtual-asset entities and traditional financial institutions. Clear licensing and AML expectations will also make it easier for operators to engage auditors, banking partners, and international service providers.
Practical Considerations for Industry Participants:
Market participants with operations or partnerships connected to Ghana should begin preparing for the forthcoming compliance landscape. Recommended next steps include:
- Identify in-scope entities: Confirm whether your business or partner network has any exposure to Ghanaian clients or operations.
- Prepare a compliance readiness pack: Compile documentation addressing governance structures, AML/CFT controls, client disclosures, and record-keeping.
- Review client-asset management: Ensure segregation, reconciliation, and incident-response procedures align with expected Bank of Ghana standards.
-
Align partner contracts: Update agreements and data-flow arrangements to support transparency, reconciliation, and auditability.
What Comes Next:
As Ghana advances its VASP Bill, the focus will shift toward implementation—defining licensing conditions, supervisory processes, and transitional requirements. Entities engaging in virtual-asset activities across Africa should closely monitor the Bill’s progression to ensure readiness and maintain compliance alignment.