Regulations for cryptocurrency under consideration by Ghana's central bank announced
Ghana Moves Towards Comprehensive Crypto Regulation by September 2025
The Bank of Ghana (BoG) has unveiled plans to implement a comprehensive regulatory framework for digital assets by September 2025. This includes the introduction of the Virtual Asset Providers Act, which will license virtual asset service providers (VASPs), enforce anti-money laundering (AML) protocols, and impose capital requirements 135.
The proposed regulations aim to transition Ghana from a previously restrictive approach to structured governance of cryptocurrencies, reflecting the rapid increase in adoption. Approximately 17% of adults, or roughly 3 million people, have engaged in cryptocurrency transactions 13.
The regulatory framework is designed to enhance financial oversight, improve monetary policy by integrating crypto data into national accounts, and stabilize the Ghanaian cedi, which experienced about 48% volatility annually. Only licensed exchanges and wallet providers will be allowed to operate, with requirements to ensure investor protection, transparency, and reporting of suspicious transactions 135.
The regulations will mandate compliance with the Financial Action Task Force’s (FATF) Travel Rule, which requires VASPs to share transaction information and report suspicious activity. They will also require VASPs to implement strong know-your-customer (KYC) measures and conduct due diligence 135.
This move aligns Ghana with regional peers like Nigeria and South Africa, who are also regulating digital assets to attract investment while managing financial risks. South Africa, for instance, has licensed over 130 crypto companies since the start of the year 135.
However, local banks in Ghana are still prohibited from facilitating crypto transactions, a rule that has been in place since 2022. The BoG's draft guideline is a response to the surge in digital asset use over the past three years and is open for public and industry stakeholder input by August 31 135.
The BoG is also considering exploring blockchain technology's use cases in other areas of financial service delivery 135. The Ghanian Security and Exchange Commission (SEC) set up a task force late last year to help it develop the capacity to regulate crypto assets 135.
Despite efforts to regulate digital assets, about 57% of the countries on the FATF's grey list are African, and a FATF report found that 97% of African countries struggle with crypto compliance 135. The BoG is drawing from the FATF's recommendations to limit digital asset risks by regulating them 135.
In summary, Ghana is poised to become one of the African countries with formal crypto regulations by late 2025, balancing innovation with regulatory compliance aimed at protecting consumers and stabilizing national currency 13.
- The Bank of Ghana (BoG) plans to introduce the Virtual Asset Providers Act, which will license VASPs, enforce AML protocols, and impose capital requirements by September 2025 as part of the comprehensive regulatory framework for digital assets.
- Approximately 3 million people, or 17% of adults, have engaged in cryptocurrency transactions in Ghana, signifying a rapid increase in adoption.
- The regulations aim to improve financial oversight, integrate crypto data into national accounts, and stabilize the Ghanaian cedi, which has experienced about 48% volatility annually.
- South Africa has licensed over 130 crypto companies since the start of the year, showing that Ghana's regulatory moves align with those of regional peers like Nigeria and South Africa.
- The BoG is also considering the use of blockchain technology in other areas of financial service delivery and has set up a task force to help regulate digital assets, drawing from the FATF’s recommendations to limit digital asset risks.
