BoG Registers Over 100 Virtual Asset Firms as Ghana Moves to Regulate Cryptocurrency Market

The Bank of Ghana (BoG) has formally announced the registration of more than 100 Virtual Asset Service Providers (VASPs) under a new national policy framework designed to regulate the country’s fast-growing cryptocurrency and digital assets sector.

The policy, titled “Ghana’s Policy Position on Virtual Assets and Service Providers,” marks a significant shift in the nation’s financial oversight approach — from caution to regulation — as authorities move to integrate digital finance into the broader financial ecosystem.

According to the BoG, the registration exercise, conducted in July 2025, identified over 100 companies providing services such as cryptocurrency exchange, wallet management, brokerage, and investment advisory to an estimated three million Ghanaian users.

A New Regulatory Era for Digital Finance

In its November 5, 2025 statement, the central bank confirmed plans to establish a Virtual Assets Regulatory Office (VARO) to directly oversee the digital assets sector and enforce compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) standards.

“The Bank recognises that virtual assets can no longer remain outside Ghana’s financial regulatory remit,” the document stated.

The VARO will coordinate with multiple state institutions — including the Securities and Exchange Commission (SEC), Financial Intelligence Centre (FIC), Ghana Revenue Authority (GRA), and National Communications Authority (NCA) — to ensure an integrated, risk-based oversight mechanism.

The new framework represents Ghana’s first formal regulatory architecture for virtual currencies, blockchain tokens, and related digital financial services. The BoG said the system will be “risk-based and activity-specific,” meaning the level of scrutiny will depend on the inherent risk of each activity.

High-risk operations like crypto trading and custody will be subject to stricter licensing, while lower-risk services will follow simplified registration procedures.

From Caution to Regulation: A Major Policy Shift

The move marks a significant departure from the BoG’s earlier warnings about cryptocurrency.
In 2018 and 2022, the central bank issued statements cautioning Ghanaians that cryptocurrencies were not legal tender and instructing banks and payment institutions to avoid processing digital asset transactions.

Now, the 2025 policy shifts the narrative — bringing digital assets into a regulated environment rather than leaving them in a grey zone.

Importantly, the BoG reaffirmed that cryptocurrencies remain outside Ghana’s definition of legal tender, but emphasized that effective regulation is essential to promote innovation, consumer protection, and financial stability.

The Bank explained that its aim is to reduce the risks of money laundering, terrorism financing, and digital fraud, while ensuring that innovators and entrepreneurs can develop blockchain-based solutions under proper supervision.

National Virtual Assets Literacy Initiative

To complement the regulatory rollout, the BoG has also proposed the establishment of a National Virtual Assets Literacy Initiative (NaVALI) in partnership with the Securities and Exchange Commission (SEC) and the Ministry of Education.

The NaVALI program will focus on improving public understanding of digital finance, particularly among young Ghanaians, who represent the majority of cryptocurrency users.
It will also promote financial literacy, responsible trading, and awareness of potential risks associated with digital investments.

Aligning with Global Standards

Ghana’s new framework aligns closely with international regulatory standards set by the Financial Action Task Force (FATF), International Monetary Fund (IMF), and the Bank for International Settlements (BIS) — institutions that have long advocated for risk-based regulation of the crypto economy.

The BoG said the regulatory shift is intended to balance innovation with integrity, allowing Ghana to position itself as a forward-thinking digital finance hub in West Africa.

Experts believe this policy could enhance investor confidence, foster fintech development, and curb illegal activities in the unregulated crypto space.

“With over three million Ghanaians now active in virtual asset markets, the introduction of a structured regulatory environment is timely and necessary,” the report noted.

A Growing Digital Finance Landscape

Ghana’s move comes as several African countries — including Nigeria, Kenya, and South Africa — experiment with new models of digital asset regulation and central bank digital currency (CBDC) frameworks.

By taking a measured regulatory approach, Ghana aims to build an environment where digital finance can thrive alongside traditional banking, without compromising consumer safety or financial integrity.

The Bank of Ghana reaffirmed that the country’s official currency remains the Ghana Cedi, and that all digital asset service providers will be required to display clear disclaimers indicating that their tokens or cryptocurrencies are not legal tender.

The Virtual Assets Regulatory Office (VARO) is expected to become operational in early 2026, marking the beginning of a new chapter in Ghana’s financial innovation journey.

Source: Accra Business News