Governor Johnson Asiama of the Bank of Ghana (BoG) announced that cryptocurrency platforms and transactions will be subject to regulations by September 2025.
Dr. Asiama made the disclosure during the African Leaders and Partners Forum, held alongside the IMF/World Bank Spring Meetings in Washington, D.C.
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Collaboration with SEC and legal framework
According to Dr Asiama, the regulatory rollout is linked to the successful passage of the Virtual Asset Providers Act, a bill that will grant the BoG authority to license and supervise virtual asset service providers.
“To enhance the regulation of these platforms and assets, the Bank of Ghana is establishing a dedicated unit focused on digital assets,” he revealed. “This is a technology we cannot prevent; hence the need to move fast to regulate it.”
Dr. Asiama also emphasized the economic context of these regulatory efforts, noting that “policies are being implemented to reduce and stabilise inflation, build reserves, and consolidate fiscal discipline” to attract investment and bolster financial resilience.
Meanwhile, Ghana’s Securities and Exchange Commission (SEC) is also moving towards regulating digital assets. Its Director-General, Dr. James Klutse, previously noted progress in developing a regulatory framework.
Recall that in 2018, the BoG issued a public notice warning citizens that cryptocurrencies like Bitcoin were not legally recognised, urging caution in crypto dealings and advising financial institutions against facilitating related transactions.
The new proposed regulatory framework will introduce strong anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements.
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Other African countries take action
South Africa, for instance, declared crypto assets as financial products under the Financial Advisory and Intermediary Services (FAIS) Act in 2022. The Financial Sector Conduct Authority (FSCA) stated that “the move was necessary to protect consumers and ensure market integrity in October 2022.” This designation requires crypto firms to obtain licenses and comply with regulatory supervision.
Nigeria, a country with high cryptocurrency adoption rates, has also shifted its regulatory stance. After an initial crackdown in 2021, the Nigerian Securities and Exchange Commission (SEC) issued comprehensive guidelines in 2022, classifying digital assets as securities where applicable. Notably, in May 2024, the Nigerian government reversed its earlier restrictions, allowing banks to facilitate crypto transactions under stricter compliance conditions, as outlined in the Nigerian SEC’s Rules on Issuance, Offering Platforms and Custody of Digital Assets, 2022, and a subsequent CBN Circular in May 2024.