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The Bank of Ghana (BoG) has announced a new policy framework to regulate virtual assets and service providers (VASPs) as part of efforts to strengthen oversight of the country’s growing digital finance ecosystem.
The policy, released in November 2025, outlines Ghana’s official position on virtual assets and sets out a risk-based approach to regulation that balances innovation with consumer protection, financial stability and anti-money laundering measures.
According to the Bank, Ghana’s virtual asset sector has grown significantly in recent years, with more than three million users and over 100 service providers registered during a mandatory exercise in July 2025. These providers offer services including exchange, wallet management, brokerage and investment advisory.
The BoG, together with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), said virtual assets can no longer operate outside the country’s financial regulatory framework. The three institutions have agreed to coordinate oversight and ensure compliance with international standards on anti-money laundering and countering the financing of terrorism.
The Bank noted that Ghana has chosen not to impose a ban on virtual assets, warning that prohibition could drive activities underground and make them more difficult to monitor. Instead, it will implement a regulatory regime that supports responsible innovation and aligns with the Financial Action Task Force (FATF) guidelines.
Under the new framework, entities offering virtual asset services will be classified as Virtual Asset Service Providers (VASPs) and will be required to register or obtain licences from the relevant authorities. The BoG will supervise payment and custody services, the SEC will oversee trading and investment activities, and the FIC will monitor compliance with anti-money laundering and terrorism financing laws.
The policy also proposes the creation of a Virtual Assets Regulatory Office (VARO) to coordinate regulation, promote collaboration among agencies and strengthen supervision of the sector. VARO will also serve as a liaison between government agencies and industry stakeholders, including the Ghana Revenue Authority and the National Communications Authority.
In addition, the Bank plans to roll out the National Virtual Asset Literacy Initiative (NaVALI) to improve public awareness and digital financial literacy. The initiative will focus on educating consumers, particularly young people, about the safe use of virtual assets and the risks associated with online financial scams.
The BoG maintains that virtual assets are not legal tender in Ghana and cannot be used for the settlement of transactions. However, the new policy is intended to provide a clear legal and regulatory foundation for the sector while ensuring that innovation in digital finance develops under proper oversight.
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