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    Global crypto regulation updates 3 Mins Read

    Ghana’s Crypto Future: Regulation on the Horizon

    Ghana is moving forward with plans to supervise its digital currency space. The Bank of Ghana (BoG) has indicated good progress on the Virtual Asset Service Providers (VASP) Bill. This proposed law is anticipated to be presented to the country’s Parliament in the near future.

    The proposed legislation is a crucial advancement towards establishing a well-defined supervisory structure for digital currency platforms, custodians, and related service providers operating within Ghana.

    Key Aspects of the VASP Bill

    The proposed law, collaboratively created with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), aims to:

    • Establish a regulatory framework for virtual asset activities
    • Implement requirements to combat money laundering and terrorism financing (AML/CFT)
    • Provide a clear legal basis for both crypto businesses and their clientele

    Upon enactment, it is poised to give Ghana a leading regulatory approach for digital assets in the West African region.

    Significant Progress to Date

    • In July 2025, the BoG initiated a mandatory registration process for all entities providing digital currency services to gather primary information on the sector.
    • The drafted legislation has been subjected to thorough examination by relevant parties, including regulatory financial bodies, industry participants, and global collaborators.
    • The BoG has pledged to implement a gradual implementation strategy which includes:
      • Engagement with stakeholders from both government and the digital currency industry
      • The introduction of a specialized online gateway for VASP compliance
      • A nationwide public education drive
      • Laying the groundwork both legally and operationally for effective enforcement.

    Ghana’s Stance on Cryptocurrencies

    Notwithstanding the growing popularity of virtual currencies, the BoG states that Bitcoin and similar cryptocurrencies are not legal tender in Ghana. Banks are also prohibited from processing transactions involving crypto assets.

    However, through the VASP Bill, Ghana is embracing a controlled regulatory approach instead of a complete ban, similar to strategies in Nigeria, South Africa, and Kenya, where regulators are shifting towards establishing compliance structures over prohibitions.

    The VASP Bill is designed to:

    • Bolster protection for users within the crypto space.
    • Increase transparency in financial activities
    • Draw in Web3 and fintech companies from across the globe to operate in Ghana.
    • Improve Ghana’s adherence to the Financial Action Task Force (FATF) guidelines.

    With the anticipation of the Bill’s review by Parliament soon, Ghana has the potential to lead in digital asset supervision within the region, presenting a framework that other African countries can adopt.

    Keep following BitKE for more information on how crypto regulations are developing in Africa.

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