By Sarah Baafi
Parliament has passed the Virtual Asset Service Providers (VASPs) Bill, creating Ghana’s first comprehensive legal framework for regulating virtual assets and businesses operating in the sector. The Bank of Ghana says the law is expected to strengthen oversight of the fast-growing digital asset space while protecting users and the wider financial system.
In a statement, the central bank said the effective date of the new Act will be announced soon. Once it comes into force, all individuals and entities engaged in virtual asset activities will be required to obtain a licence or registration from either the Bank of Ghana or the Securities and Exchange Commission (SEC), depending on the nature of their services.
The Bank of Ghana and the SEC are expected to issue detailed directives and regulatory instruments in the coming months to operationalise the law. These will outline application processes, prudential standards, consumer-protection requirements and other compliance obligations for prospective Virtual Asset Service Providers.
According to the statement, both regulators remain committed to building a safe, transparent and innovative virtual asset ecosystem. They said the new framework is designed to encourage responsible innovation in digital finance while safeguarding users and preserving the stability and integrity of Ghana’s financial system.
