Government to establish crypto regulator – BoG

The government is set to establish a new regulatory body to oversee Ghana’s virtual asset and cryptocurrency industry, as part of efforts to tighten supervision and protect the financial system from emerging risks.

According to a new policy document released by the Bank of Ghana (BoG), titled Ghana’s Policy Position on Virtual Assets and Service Providers, the proposed *Virtual Assets Regulatory Office (VARO)* will serve as the central institution for monitoring and coordinating all crypto-related activities in the country.

The BoG said the move follows rapid growth in virtual asset use, with over three million Ghanaians now participating in cryptocurrency and digital asset transactions.

A registration exercise in July 2025 recorded more than 100 virtual asset service providers (VASPs) operating locally, many of them without clear regulatory oversight.

The policy, developed in collaboration with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), stresses that virtual assets can no longer remain outside Ghana’s financial regulatory structure.

“A comprehensive framework is required to safeguard monetary stability, consumer protection, and market integrity,” the document stated.

The Bank of Ghana explained that the new office will work closely with the SEC, FIC, the Cybersecurity Authority, and the Data Protection Commission to ensure effective supervision of virtual asset platforms.

The VARO will lead intergovernmental coordination, enforce compliance, and engage international partners to align Ghana’s standards with global best practices.

The government’s policy approach adopts a *risk-based regulatory model* rather than an outright ban on cryptocurrencies. Regulators argue that banning virtual assets could drive trading underground and increase financial crime risks. Instead, the framework will introduce licensing requirements tailored to the risk level of each provider’s operations.

The BoG also plans to roll out a National Virtual Assets Literacy Initiative (NaVALI) to promote public awareness and responsible trading.

The initiative will target young investors and help prevent fraud and exploitation in the growing digital finance market.

Although Ghana will continue to maintain that cryptocurrencies are not legal tender, authorities believe the new structure marks a decisive step toward regulating innovation in digital finance while ensuring financial stability and consumer protection.