The Bank of Ghana (BoG) has announced that it will begin regulating cryptocurrencies and virtual asset platforms by September 2025. This development is contingent on the passage of the much-anticipated Virtual Asset Providers Act.
BoG Governor Dr. Johnson Asiama made the announcement at the African Leaders and Partners Forum in Washington, D.C. He emphasized that while digital assets are rapidly gaining traction, the absence of regulation poses risks to the financial ecosystem.
“This is a technology we cannot prevent, hence the need to move fast to regulate it,” Dr. Asiama stated. To lead this effort, the BoG is setting up a dedicated unit focused solely on digital assets.
The legislation, once passed, will empower the central bank to license and supervise virtual asset service providers (VASPs). The guidelines will require VASPs to register, implement anti-money laundering compliance systems, and establish strict internal controls.
This marks a significant shift from the BoG’s earlier position in 2018 when it warned the public against trading in cryptocurrencies like Bitcoin and discouraged financial institutions from supporting crypto transactions.
In August 2024, the BoG introduced draft regulatory guidelines, setting the stage for formal oversight. The move aligns with efforts by the Securities and Exchange Commission (SEC) of Ghana, which is also working on a regulatory framework for the crypto industry. SEC Director-General Dr. James Klutse confirmed in March 2025 that the Commission had made major progress in this direction.
The regulation of cryptocurrencies forms part of a broader agenda by the BoG to improve financial system resilience, attract investment, and position Ghana as a leader in Africa’s digital financial space.
Dr. Asiama stressed that this strategy would not only secure investor confidence but also redefine Africa’s economic participation on the global stage through macroeconomic credibility and strategic autonomy.
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