Ghana’s parliament has formalized the implementation of the new Virtual Asset Service Providers (VASP) Bill, ending legal ambiguity around cryptocurrencies. Individuals and businesses can now legally engage in digital asset activities without risking prosecution or arrest.
The Bank of Ghana opens up to cryptocurrencies: a major turning point for the sector
In a press release on its website, the Bank of Ghana confirmed that the VASP Bill has officially come into force, establishing a comprehensive legal and regulatory framework for the sector. The move puts an end to uncertainty surrounding cryptocurrency activities.
“The Bank informs the public of Parliament’s adoption of the Virtual Asset Service Providers (VASP) Bill. This bill establishes the legal basis for regulating digital assets and their intermediaries,” the institution stated.
The official implementation date is yet to be announced. Any person or entity providing crypto-asset services will require a license or registration issued by the Bank of Ghana or the Securities and Exchange Commission (SEC).
“Depending on the nature of their business, individuals and entities operating in the virtual assets sector are required to obtain a license or register with either the Bank of Ghana or the SEC,” the statement added.
Both the Bank of Ghana and the SEC reaffirmed their commitment to building a secure, transparent, and innovative virtual asset ecosystem. Their priorities include protecting users and maintaining financial stability. They also plan to publish the necessary guidelines and regulatory tools to guide applicants and ensure the law is effectively enforced.
“In the coming months, the Bank of Ghana and the SEC will issue guidelines and regulatory instruments to operationalize the law, guide applicants, and clarify the required criteria. We reaffirm our commitment to a secure and innovative crypto ecosystem that ensures consumer protection and preserves financial stability,” concluded the Bank.
Effects on the Market
Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, spoke at the ‘Nine Lessons, Carols and Thanksgiving’ service in Accra. He highlighted that the new law ends uncertainty around trading virtual assets and ensures that no one will face prosecution. He emphasized the importance of a regulatory framework to mitigate risks such as fraud, money laundering, and mismanagement of client assets.
“To be clear, trading in virtual assets is now legal. No one will be arrested for trading cryptocurrencies because we finally have the legal tools to manage the risks,” he stressed.
Cryptocurrency trading in Ghana is not new; it has been thriving for years through informal channels and thousands of unregulated exchanges. However, this legal recognition is a game-changer for institutional investors. Until now, major exchanges and fintech companies hesitated to establish a presence due to legal uncertainty. This obstacle has now been removed.
A bet on youth and digital innovation
Authorities are making a strategic investment in the future, extending beyond purely economic calculations. The goal is to create a virtuous cycle in which employment and foreign investment grow, relying on Ghana’s young generation, which has embraced fintech and is reshaping traditional payment and transfer systems.
By embracing this historic turning point, Ghana is modernizing its ecosystem and positioning itself as a pioneer in financial inclusion. The country joins a growing list of nations integrating crypto-assets into their reserves, including Taiwan and Bhutan. Only time will tell if Accra’s bold move inspires neighboring countries, potentially reshaping the global landscape of monetary sovereignty.
Sources: Bank of Ghana, News Ghana
