Bank of Ghana Targets 3 Million Crypto Users with New Virtual Asset Rules
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The Bank of Ghana has released its official policy on virtual assets and service providers, marking a major step toward regulating the country’s fast-growing digital asset ecosystem.
The new framework, developed in collaboration with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), aims to bring structure, oversight, and accountability to Ghana’s virtual asset market, which now includes more than three million crypto users in Ghana and over 100 service providers.
According to the Bank of Ghana, the rise of cryptocurrencies and related technologies has expanded access to financial services and encouraged innovation. However, it has also introduced risks involving money laundering, terrorist financing, consumer protection, and financial stability.
To address these risks, the central bank has chosen a risk-based regulatory approach rather than an outright ban.
This approach aligns with international best practices and recommendations from the Financial Action Task Force (FATF), which warns that prohibiting virtual asset activity entirely could drive it underground and make it harder to monitor.
The Bank of Ghana’s position on virtual assets and service providers is built around six guiding principles: proportional regulation based on the level of risk, collaboration among regulators, adherence to global standards, promotion of financial literacy, protection of consumers, and encouragement of responsible innovation.
The policy highlights that regulation will be applied depending on the scope of activities carried out by virtual asset entities.
Under the proposed framework, Virtual Asset Service Providers (VASPs) will be required to register or obtain licenses from relevant regulatory authorities before operating in Ghana.
The Bank of Ghana will supervise payment and custody-related operations, while the SEC will handle investment and trading functions.
The Financial Intelligence Centre (FIC) will focus on monitoring compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) laws to ensure transparency and accountability in the virtual asset ecosystem.
To streamline these regulatory efforts, the central bank plans to create a Virtual Assets Regulatory Office (VARO), which will coordinate oversight and act as the central point of engagement for both local and international stakeholders.
The VARO will ensure that supervision is consistent, effective, and aligned with emerging global trends in virtual asset regulation.
Recognizing the need for public awareness, the policy also introduces a National Virtual Assets Literacy Initiative (NaVALI).
This program will promote education and awareness on digital assets, helping Ghanaians (especially young people) identify scams, understand risks, and make informed financial decisions when engaging with cryptocurrencies and digital tokens.
While the new framework opens the door for regulated innovation, the Bank of Ghana official policy on virtual assets and service providers clarifies that virtual assets will not be recognized as legal tender.
However, regulated use cases such as tokenized trade finance, asset-backed tokens, and blockchain-based financial products may be developed under strict supervision.
The policy also draws from international regulatory guidance by organizations such as the FATF, the International Monetary Fund (IMF), and the International Organization of Securities Commissions (IOSCO).
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.
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