Bank of Ghana Mandates Crypto Firms to Register by August 15
Accra, Ghana - 11 July, 2025 - The Bank of Ghana (BoG) has ordered all Virtual Asset Service Providers (VASPs) operating in the country to register by August 15, 2025, marking a significant step toward regulating the rapidly growing digital asset sector.
The directive, announced on July 10, aims to enhance financial stability and align Ghana’s crypto ecosystem with international standards, amid rising concerns over money laundering, fraud, and consumer protection. The move signals a shift from the central bank’s earlier cautious stance, as Ghana seeks to balance innovation with oversight in its burgeoning fintech landscape.
The BoG’s directive targets both domestic and foreign VASPs offering services to Ghanaians, including cryptocurrency exchanges, digital wallet providers, custody services, and issuers of stablecoins or initial coin offerings (ICOs). The central bank clarified that registration is a preliminary step, not a licence or formal approval, but non-compliance could lead to sanctions or exclusion from future licensing opportunities.
The registration process is accessible online via a dedicated portal, with technical support available through the BoG. The initiative follows a surge in digital asset adoption, driven by Ghana’s high mobile money penetration, tech-savvy youth, and widespread internet access, with approximately 3.1 million Ghanaians—17% of the population—owning digital assets, according to the BoG.Ghana’s crypto sector has grown significantly, ranking fourth in Africa for crypto interest, behind Nigeria, South Africa, and Kenya.
The cedi’s depreciation—down 19% against the US dollar in 2024—has fueled interest in stablecoins as a hedge against economic instability. However, the absence of clear regulations has raised risks of financial crimes, prompting the BoG to act. The directive aligns with the Financial Action Task Force (FATF) Recommendation 15, which urges countries to regulate VASPs to combat money laundering and terrorism financing.
The BoG’s draft guidelines, released in August 2024, propose measures such as customer due diligence, transaction monitoring, and compliance with the FATF’s Travel Rule, which requires VASPs to share transaction data to prevent illicit activities.
The BoG’s move follows years of regulatory ambiguity. In June 2024, the central bank reiterated a ban on cryptocurrency transactions by regulated financial institutions, citing risks to financial stability. However, the draft guidelines signal a softening stance, allowing registered VASPs to interact with enhanced payment service providers, though commercial banks remain barred from direct crypto dealings.
The proposed Virtual Asset Providers Act, currently under parliamentary review, will formalize the BoG’s oversight and establish a dedicated Digital Assets Unit to supervise exchanges and wallet providers.
The Securities and Exchange Commission (SEC) will collaborate on regulating security tokens, ensuring a coordinated approach.
