BoG to roll out new rules in regulating virtual assets

The Bank of Ghana (BoG) has announced plans to roll out a set of regulatory measures to operationalise the recently approved Virtual Assets Service Providers Bill.

According to the central bank, the forthcoming directives and regulatory instruments will be developed jointly with the Securities and Exchange Commission (SEC) and are intended to provide oversight for activities involving cryptocurrencies and other virtual assets in Ghana.

In a statement issued following Parliament’s passage of the bill last week, the BoG explained that the legislation creates a formal legal framework for supervising virtual asset transactions and the operations of Virtual Asset Service Providers.

The central bank indicated that details regarding the commencement date of the new law will be communicated at a later time.

Under the proposed regulatory regime, all persons and entities involved in virtual asset-related activities will be required to either obtain a licence or formally register with the appropriate authority. Depending on the nature of their business, oversight responsibility will fall under either the Bank of Ghana or the Securities and Exchange Commission.

The Bank of Ghana and the SEC reiterated their joint commitment to ensuring that the virtual asset space operates in a secure and transparent manner. They noted that the regulatory framework is designed not only to encourage innovation in the digital financial ecosystem but also to protect consumers and preserve the overall stability of Ghana’s financial system.

The passage of the Virtual Assets Service Providers Bill marks a significant step toward formal regulation of digital assets in the country, as authorities move to align Ghana’s financial sector with global developments in fintech and virtual asset governance.