The Bank of Ghana has initiated a significant regulatory push for Virtual Asset Service Providers (VASPs) and the broader cryptocurrency industry within the country. This move comes amid a rapidly expanding digital asset market in Ghana, which has seen substantial growth in recent years, prompting concerns from the central bank regarding financial stability and economic oversight.

As part of this initial regulatory process, the Bank of Ghana has issued a directive mandating all VASPs operating in Ghana to register with the institution. This requirement applies to entities offering a range of services, including virtual asset exchange, wallet custody, settlement or transfer of virtual assets, and services related to the issuance or sale of virtual assets, such as initial coin offerings (ICOs) and stablecoins. Any VASP providing services to individuals residing in Ghana, whether through a physical presence or a digital platform, must complete the registration form by August 15, 2025. The Bank has emphasized that registration is compulsory, and non-compliance could lead to regulatory action or exclusion from future licensing opportunities. It is crucial to note that this registration does not confer a license to operate, nor does it imply legal recognition or approval, as the Bank reserves the right to issue further instructions based on the outcomes of this process. This exercise is a foundational step in the Bank’s efforts to develop a robust legal and regulatory framework that aligns with current market developments and international standards.

This registration initiative complements a broader strategy by the Bank of Ghana to regulate its fast-growing cryptocurrency sector. According to Bloomberg, the Bank is actively developing a comprehensive regulatory framework for digital assets, which it intends to present to Parliament by September 2025. This proactive approach is a direct response to the escalating demand for cryptocurrencies across the West African nation.

Ghana’s central bank, led by Governor Johnson Asiama, plans to license cryptocurrency platforms, with multiple objectives. Firstly, this aims to enable the government to generate revenue from the burgeoning digital assets sector. Secondly, it seeks to help stabilize Ghana's national currency, the cedi, which has experienced significant volatility—appreciating by over 40% against the US dollar in 2025 after a nearly 20% depreciation in 2024. Such currency fluctuations have complicated the central bank's efforts to manage inflation.

The widespread adoption of digital assets in Ghana is a key driver for regulation. Reports from Zawya in June 2024 indicate that approximately 17.3% of Ghanaian adults, equivalent to around 3 million people, own digital assets. The extensive, often unreported, use of digital currencies has raised significant concerns about their impact on the national financial system. Undocumented transactions make it challenging for the government to track money flows, and the Bank of Ghana is particularly worried that unchecked use of digital assets could exacerbate financial instability. Unrecorded cryptocurrency usage also distorts national accounts, hindering the central bank's ability to implement effective monetary policy. Licensing digital asset platforms is therefore seen as an essential measure to enhance transaction oversight and reinforce economic controls.

The scale of cryptocurrency activity underscores the urgency for regulation; in the 12 months leading up to June 2024, crypto transactions in Ghana reached an estimated US$3 billion. This figure is part of a larger US$125 billion digital asset investment across sub-Saharan Africa, as highlighted by Del Titus Bawuah, CEO of Web3 Africa Group. This surge in activity has intensified pressure on the central bank to establish clear regulatory guidelines. Through the planned framework, Ghana aims to introduce greater transparency and accountability to its emerging digital assets market, fostering sustainable growth while safeguarding the country’s financial stability.