The Bank of Ghana (BoG) has officially registered more than 100 virtual asset service providers (VASPs) as part of a new national framework to regulate the country’s rapidly expanding cryptocurrency firms.
In a statement dated November 5, 2025, and detailed in a policy paper titled “Ghana’s Policy Position on Virtual Assets and Service Providers,” the BoG outlined Ghana’s first comprehensive approach to governing virtual assets, including cryptocurrencies, tokens, and related technologies.
According to the central bank, a registration exercise carried out in July 2025 identified over 100 companies offering services such as cryptocurrency exchange, wallet management, brokerage, and investment advisory to an estimated three million users nationwide.
To ensure effective oversight, the Bank announced the creation of a Virtual Assets Regulatory Office (VARO), which will supervise the sector and coordinate with key state agencies.
The new office will also enforce compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
“Virtual assets can no longer remain outside Ghana’s financial regulatory framework,” the policy document stated.
The BoG said VARO will serve as a bridge between government oversight and the virtual assets industry, working closely with the Securities and Exchange Commission (SEC), Financial Intelligence Centre (FIC), Ghana Revenue Authority (GRA), and the National Communications Authority (NCA).
This marks a significant policy shift from the Bank’s previous cautionary stance. In 2018 and 2022, the BoG warned that cryptocurrencies were not legal tender and barred financial institutions from facilitating crypto-related transactions.
The 2025 policy, however, transitions from warnings to structured regulation.
The new regulatory framework adopts a risk-based, activity-specific approach. High-risk activities such as trading and custody will face stricter licensing requirements, while lower-risk services will follow simplified registration procedures.
The Bank reaffirmed that virtual assets will not be recognised as legal tender, emphasising that the framework’s goals are to foster innovation, strengthen consumer protection, and preserve financial stability while combating money laundering, fraud, and terrorism financing.
As part of the initiative, the BoG also proposed a National Virtual Assets Literacy Initiative (NaVALI), to be developed with the SEC and the Ministry of Education.
The program will focus on improving public awareness and financial literacy—particularly among young Ghanaians, who form the largest share of crypto users.
Ghana’s policy direction aligns with international standards set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS).
With this move, Ghana joins a select group of African nations adopting structured regulatory measures to balance innovation with financial integrity.
