Ghana is taking a big step toward regulating its fast-growing cryptocurrency market. On October 1, the Bank of Ghana (BoG) completed drafting a Virtual Asset Service Providers (VASP) Bill, which has now been sent to parliament for review.
Once passed, this law will become their first comprehensive legal framework for digital assets, including cryptocurrencies like Bitcoin, stablecoins and tokenised services.
The bills were drafted in collaboration with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC) to bring clarity and security to the digital sector.
Between July 2023 and June 2024, the country recorded about $3 billion in crypto transactions. This rapid growth pushed the authorities to speed up work on the bill to protect users from fraud and market risks.
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Ghana targets clear rules for crypto market
The upcoming VASP Bill is designed to be the frontier of their regulated digital asset ecosystem. Its primary goal is to balance the encouragement of financial innovation with the aim of protecting consumers and the entire economic system.
Once enacted, the new law will establish several critical safeguards for users and businesses:
1 Enhanced consumer protection
The framework aims to shield investors from fraud and scams by introducing mandatory licensing and supervision of all Virtual Asset Service Providers.
This means that exchanges, wallet services, and other platforms will be required to operate with greater transparency and accountability, giving users legal recourse in case of fraud.
2 Stricter anti-money laundering controls
The bill aims to strengthen Ghana’s defences against financial crime.
VASPs will be compelled to adhere to strict international standards for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT), including verifying customer identities through Know Your Customer (KYC) procedures and monitoring for unwanted activities.
3 Clearer tax obligations
The Ghana Revenue Authority (GRA) will be part of the new regulatory framework.
This means that profits from trading or selling digital assets like Bitcoin and Ethereum may become subject to more explicit tax reporting rules, integrating crypto activities into the formal economy.
Leading the transition, in July 2025, the Bank of Ghana conducted a mandatory registration exercise for all VASPs operating in the country, gathering vital data on the industry. This registration was not a license to operate but a first step in the regulatory process.
The central bank has outlined a phased rollout plan for after the bill is passed by Parliament. This plan includes launching a dedicated online compliance portal for VASPs and initiating nationwide public awareness campaigns to ensure a smooth transition for all stakeholders.
Ghana’s VASP bill will come with opportunities
The formal regulation of virtual assets presents a mix of opportunities and challenges for different groups in Ghana.
The average crypto investor can look forward to a safer trading environment with licensed and monitored platforms, which should reduce the risk of scams. This will minimise anonymity, as identity verification is expected to become standard practice.
Meanwhile, fintech startups and global exchanges operating in Ghana will benefit from clear rules, which could improve their access to banking services and attract more institutional investment.
However, the cost of compliance might be the downside for fintech startups because they must all meet the new AML, KYC, and reporting requirements, which will increase operational expenses and force smaller players to exit the market.
Anyway, with the VASP bill, the country is addressing domestic market needs and aligning itself with global financial standards.
This promises Ghanaians a future where digital assets can be used with greater confidence and security.