The Bank of Ghana (BoG) has ordered a mandatory registration exercise for all Virtual Asset Service Providers (VASPs) operating within the Republic of Ghana.
This directive was issued under Notice No. BG/Gov/SEC/2025/18 on July 10, as the central bank committed to maintaining financial stability and consistent with its ongoing efforts to promote integrity, innovation, and consumer protection in the digital financial ecosystem.
The registration is described as a preliminary regulatory process designed to identify and assess entities engaged in virtual asset activities.
Bank of Ghana scope and regulatory intent
According to the notice, entities involved in Virtual asset exchange services, Wallet provision or custody services, Transfer or settlement services involving virtual assets, and Services related to the issuance or sale of virtual assets, including initial coin offerings (ICOs) and stablecoins, are all required to comply.
This comprehensive scope ensures that most, if not all, players in Ghana’s virtual asset space will be subject to the new requirement.
The Bank of Ghana emphasises that this exercise is crucial for shaping future regulations. The notice states, “This exercise is aimed at ensuring that the forthcoming legal and regulatory frameworks for VASPs are informed by market developments and aligned with international best practices.”
This suggests that the data collected from this registration will directly influence the development of robust, well-informed policies tailored to the Ghanaian context while adhering to global standards.
Furthermore, all VASPs currently offering services to persons resident in Ghana, irrespective of whether they operate through a physical presence or purely digital platforms, are required to complete the registration process.
The deadline for submission via the body’s provided online portal https://forms.ofice.com/r/XqthpEkhkQ is August 15, 2025.
The Bank of Ghana has also reminded the public and the VASPs about the implications of this registration. Firstly, it is unequivocally stated that “Registration is compulsory. Failure to comply may result in regulatory sanctions or disqualification from future licensing.”
Secondly, the notice clarifies that “Registration does not constitute a licence to operate, nor does it imply legal recognition or approval.”
Finally, the Bank of Ghana reserves the right to “issue further directives based on the outcome of this assessment,” indicating a flexible and adaptive approach to regulation.
What is VASP
A Virtual Asset Service Provider (VASP) is any business that handles digital assets or currencies, such as cryptocurrencies.
These entities facilitate the buying, selling, transferring, or storing of digital assets. They include platforms that allow the exchange of one digital currency for another or traditional fiat currency.
VASPs also encompass services that offer digital wallets for holding virtual assets, as well as those engaged in the issuance and sale of new digital currencies through mechanisms like Initial Coin Offerings (ICOs).
The Bank of Ghana seeks to identify and monitor these businesses to promote safety and maintain stability within the digital asset ecosystem.