BoG unveils new framework to regulate virtual asset service providers

The Bank of Ghana has announced a new policy framework to regulate the country’s growing virtual asset industry, marking a shift toward formal oversight of cryptocurrency-related activities.

In a document published by the Central Bank titled Ghana’s Policy Position on Virtual Assets and Service Providers, it outlines plans to license, register, and supervise entities offering virtual asset services such as exchanges, wallets, and custodial platforms.

The framework was developed jointly by the Bank of Ghana (BoG), the Securities and Exchange Commission (SEC), and the Financial Intelligence Centre (FIC).

According to the Bank, the move follows a 2024 national risk assessment that revealed a rapid expansion of Ghana’s virtual asset ecosystem, which now includes more than three million users.

Over 100 service providers were identified during a registration exercise in July 2025, yet most have operated without formal regulation.

The policy warns that the unregulated use of digital currencies exposes the financial system to money laundering, terrorist financing, and consumer protection risks.

“Virtual assets can no longer remain outside Ghana’s financial regulatory purview,” the document stated, adding that the framework will balance innovation with financial stability.

The Bank rejected calls for a total ban on virtual assets, arguing that prohibition would drive the sector underground and complicate oversight. Instead, it noted that Ghana will adopt a risk-based approach where licensing and supervision will depend on the scale and risk level of each service provider’s operations.

The policy also proposes the establishment of a Virtual Assets Regulatory Office (VARO) to coordinate supervision among key agencies, including the SEC, FIC, and other relevant institutions. VARO will act as a central hub for regulation, monitoring, and inter-agency collaboration.

In addition, the Bank plans to launch a National Virtual Assets Literacy Initiative (NaVALI) in partnership with the Ministry of Education, SEC, and civil society groups. The campaign aims to improve public understanding of virtual assets and protect consumers from scams and speculative losses.

While virtual assets will not be recognized as legal tender in Ghana, the Bank said the new framework seeks to create a secure environment for innovation and responsible digital finance.