BoG registers 100+ Crypto firms under New Virtual Assets Policy

The Bank of Ghana (BoG) has officially registered more than 100 virtual asset service providers (VASPs) as part of the country’s first-ever framework to regulate cryptocurrency and digital asset operations.

The move, announced in a policy paper titled “Ghana’s Policy Position on Virtual Assets and Service Providers” and released on November 5, 2025, represents a major policy shift toward formal regulation of the fast-expanding crypto sector.

The new policy reverses the Bank’s earlier restrictive stance. In 2018 and 2022, the BoG cautioned that cryptocurrencies were not legal tender and prohibited banks and payment companies from facilitating crypto-related transactions.

Now, the Bank has adopted a regulate-and-supervise approach, recognising the scale and permanence of digital asset activity in Ghana’s financial ecosystem.

A registration exercise in July 2025 identified over 100 active firms offering services such as crypto exchange, wallet hosting, brokerage, and investment advisory to more than three million users nationwide.

To implement oversight, the BoG will establish a dedicated Virtual Assets Regulatory Office (VARO).

The new office will:

Coordinate with agencies such as the Securities and Exchange Commission (SEC), Financial Intelligence Centre (FIC), Ghana Revenue Authority (GRA), and National Communications Authority (NCA).

Enforce anti-money laundering and counter-terrorism financing (AML/CFT) compliance.

Serve as the link between government regulators and the crypto industry.

“The Bank recognises that virtual assets can no longer remain outside Ghana’s financial regulatory remit,” the policy document stated, underscoring the shift from deterrence to structured engagement.

Under the framework, regulation will be activity-specific and risk-sensitive:

High-risk activities like crypto trading and custody will face stricter licensing requirements and ongoing audits.

Low-risk services, such as wallet development or blockchain education, will undergo simplified registration.

Despite the new system, the BoG reaffirmed that virtual assets will not be treated as legal tender in Ghana, meaning they cannot replace the Ghanaian cedi in formal transactions.

A major component of the policy is the proposed National Virtual Assets Literacy Initiative (NaVALI) — a partnership between the BoG, SEC, and the Ministry of Education.

NaVALI will focus on public awareness and financial literacy, particularly targeting young Ghanaians, who represent the largest demographic of crypto users.

The BoG said Ghana’s policy aligns with international regulatory benchmarks set by the Financial Action Task Force (FATF), International Monetary Fund (IMF), and Bank for International Settlements (BIS).

By adopting this framework, Ghana joins a small but growing group of African nations — including Nigeria, South Africa, and Kenya — taking structured steps to regulate digital assets while fostering fintech innovation.

The BoG described the policy as a “balanced path between innovation and integrity”, designed to protect consumers, attract investment, and enhance financial stability in the evolving digital economy.