BoG completes drafting of VASP bill, awaits parliament's consideration

The Bank of Ghana (BoG) says it is moving steadily toward establishing a full regulatory regime for virtual assets, designed to balance financial stability with responsible digital innovation.

In a release on Wednesday, October 1, 2025, the central bank disclosed that it has completed work on a Virtual Asset Service Providers (VASP) Bill, crafted in collaboration with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC).

The bill, now primed for parliamentary review, seeks to formalize oversight of cryptocurrency exchanges, wallet operators, and related service providers, ensuring compliance with Ghana’s financial regulations while enhancing transparency and consumer protection.

As part of the groundwork, the BoG earlier this year undertook a mandatory registration drive (July 2025) to capture the scope of firms and platforms engaged in virtual asset activities. This exercise, according to the Bank, yielded crucial data that fed into the design of a framework aligned with market realities and international standards.

With drafting complete, the Bank outlined a phased rollout plan ahead of the Act’s operationalisation. This includes:

Continuous engagement with the Executive and Parliament.

Establishment of a dedicated digital compliance portal for VASPs.

Broad-based public sensitisation and industry outreach.

System readiness checks to guarantee seamless enforcement once the law is enacted.

The BoG stressed that its objective is not merely to regulate but to foster trust and innovation in the digital finance ecosystem.

The central bank reaffirmed that the forthcoming VASP framework is a strategic pillar in its wider agenda to modernise Ghana’s financial system, protect investors, and position the country as a responsible hub for digital finance in Africa.