By Dominic Hlordzi
The Head of Oversight and Compliance at the Virtual Assets Department of the Bank of Ghana (BoG), Tahiru Alhassan, has disclosed that the Central Bank is making significant progress in operationalising Ghana’s recently enacted Virtual Asset Service Providers Act, 2025 (Act 1154), with plans to engage industry stakeholders in developing the directives and guidelines required for its implementation.
Speaking during a UK-Ghana Chamber of Commerce and EY Ghana webinar on “The Evolving Regulatory Landscape for Virtual Assets in Ghana: Insights from the Bank of Ghana and Industry,” Mr Alhassan said virtual asset services represent a new sector in Ghana that requires a comprehensive regulatory framework.
He explained that the guidelines being developed will cover areas including anti-money laundering and counter-financing of terrorism (AML/CFT), prudential requirements, consumer protection, market conduct, cybersecurity and technology standards.
“Virtual asset services are a whole new sector that has never been regulated in Ghana, so we need to develop very comprehensive guidelines,” he said.
Mr Alhassan added that the Bank of Ghana has already completed drafts of several guidelines and expects to begin publishing some of them later this year.
“As we normally do with stakeholder consultations, this is a time when we will invite industry players, the Association of Banks, fintechs, the Chamber of Digital Asset and Blockchain Innovation, and other targeted experts to help us review them so that we have the right perspective from the industry before we finalise,” he stated.
He said the approach reflects the Bank’s commitment to creating a regulatory framework that is practical and suited to Ghana’s market.
Understanding virtual assets and Ghana’s emerging regulatory framework
Virtual assets broadly refer to digital financial instruments such as cryptocurrencies, stablecoins, tokenised assets and blockchain-based financial solutions used for payments, investments and cross-border transactions.
In Ghana, the adoption of virtual assets has been driven by peer-to-peer accessibility, mobile money penetration and growing digital financial readiness, positioning the country for further innovation in digital finance.
To regulate the sector, Ghana enacted the Virtual Asset Service Providers Act, 2025 (Act 1154), which provides a legal framework for licensing and registering entities operating within the virtual asset space.
Under the framework, regulation follows a dual oversight model involving the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC). While the BoG focuses on payment systems, monetary stability and financial infrastructure, the SEC oversees investment-related virtual asset activities.
Key provisions of the framework include mandatory licensing for high-risk activities, registration for lower-risk operations and compliance with anti-money laundering and counter-terrorism financing obligations, including the “Travel Rule”.
A key feature of Ghana’s regulatory approach is the policy sandbox, which allows selected entities to test virtual asset use cases and business models. The initiative enables regulators to observe market operations and refine guidelines to ensure they are “fit for purpose” within the Ghanaian context.
Industry welcomes regulatory direction
Industry participants have welcomed the move towards a regulated virtual asset ecosystem.
The Head of Business Development at Fido, a digital lending organisation operating in Ghana’s fintech sector, and Non-Executive Director at Yellow Card Ghana Limited, Philip Twum, said the introduction of a regulatory framework has improved confidence among operators from a business planning and strategic perspective.
“Operating in an area where regulation is unclear is not comfortable for any operator. There is no confidence to invest, expand operations or know what comes next. So, the Bank of Ghana has done a really good job. They have been clear in their communication, clear in their stance, clear in the regulation, and now we are looking forward to the operational guidelines,” he said.
Similarly, Lead Digital Technology Consultant at EY Ghana, Elikplim Kitsikpui, said regulation would strengthen trust and confidence within Ghana’s virtual asset ecosystem.
“The Bank of Ghana has done very well. We have seen this happen with the fintech ecosystem, and now we are seeing it with the virtual assets ecosystem,” he said.
Businesses urged to prepare for new regulatory environment
Stakeholders at the webinar urged businesses to take proactive steps as Ghana’s virtual asset regulatory framework takes shape.
Mr Twum said regulatory clarity would allow companies to make strategic decisions, particularly regarding licensing.
“Any serious player is looking for licensing because it provides direction and enables capital allocation,” he said.
Mr Kitsikpui advised organisations to take deliberate positions by choosing whether to lead, follow or observe, cautioning businesses against delaying preparations.
“The cost of getting ready today is small, and you can always walk it back. But you cannot walk back the cost of being locked out of such an opportunity by delaying,” he stated.
He encouraged businesses to register early, test limited initiatives and align investments with regulatory milestones to avoid premature capital deployment.
From a risk management perspective, a Manager at EY Ghana’s Risk Consulting practice, Felix Kesseh, cautioned institutions against treating virtual assets as “business as usual”.
He stressed the need for stronger risk management and control systems, particularly around virtual asset transactions, third-party relationships and emerging financial crime risks.
He added that financial institutions that choose not to offer virtual asset services may still face indirect exposure through customer transactions and other participants within the ecosystem.
The panel highlighted the importance of strong governance structures, compliance systems and strategic alignment with regulatory developments as key requirements for success in Ghana’s virtual asset sector.
BoG’s commitment to balancing innovation and protection
Mr Alhassan reaffirmed the Bank of Ghana’s commitment to balancing innovation with financial stability, stressing that regulation is not only about managing risks but also about unlocking the potential of digital finance.
He said while financial integrity and consumer protection remain central, the Bank is also focused on using virtual assets to “transform financial service delivery” in Ghana.
The webinar also explored issues including licensing readiness, cross-border interoperability, tokenisation opportunities, risk management frameworks and the role of stablecoins in remittances.
The event, which brought together regulators, industry players and advisory experts, was moderated by Traci Gyebi, a Technology Consultant at EY Ghana, and formed part of the first of a four-part UKGCC and EY Ghana Digitalisation Series for 2026.
