BoG to Engage Industry Actors in Operationalising Virtual Asset Law

 

Ghana’s cryptocurrency and digital asset industry is moving closer to full regulation as the Bank of Ghana (BoG) prepares the operational framework that will determine how virtual asset businesses can legally operate under the country’s new law.

The central bank says it has begun drafting the detailed guidelines needed to implement the Virtual Asset Service Providers Act, 2025 (Act 1154), signalling the transition from legislation to practical supervision of one of Ghana’s fastest-growing financial sectors.

The regulations are expected to set out the standards that cryptocurrency exchanges, blockchain firms, digital payment providers and other virtual asset businesses must meet before obtaining licences to operate.

Speaking during a webinar organised by the UK-Ghana Chamber of Commerce and EY Ghana, Head of Oversight and Compliance at the Bank’s Virtual Assets Department, Tahiru Alhassan, said the framework would establish clear rules covering consumer protection, cybersecurity, anti-money laundering, market conduct and prudential requirements.

“This is a whole new sector that has never been regulated in Ghana and we need to develop very comprehensive guidelines,” he said.

Mr. Alhassan disclosed that the Bank has already prepared several draft guidelines, with stakeholder consultations expected later this year before the first operational directives are issued.

Industry Invited to Shape the Framework

Rather than introducing the regulations without consultation, the Bank plans to engage commercial banks, fintech companies, blockchain firms, the Chamber of Digital Asset and Blockchain Innovation, and other industry experts before finalising the rules.

According to Mr. Alhassan, the consultations are intended to ensure the regulatory framework supports innovation while protecting Ghana’s financial system.

Creating Certainty for Digital Finance

Virtual assets, including cryptocurrencies, stablecoins and tokenised financial products, have gained increasing acceptance in Ghana as businesses and consumers embrace digital payments and blockchain-based financial services.

The new law establishes a dual regulatory structure under which the Bank of Ghana will oversee payment systems and financial infrastructure, while the Securities and Exchange Commission (SEC) will supervise virtual assets offered as investment products.

The framework also introduces licensing requirements, anti-money laundering obligations and a regulatory sandbox that allows selected firms to test new products under regulatory supervision before entering the wider market.

Businesses Welcome Regulatory Clarity

Industry players say the legal framework removes one of the biggest uncertainties facing digital asset businesses.

Philip Twum, Head of Business Development at Fido and Non-Executive Director of Yellow Card Ghana Limited, said regulatory certainty gives businesses greater confidence to invest and expand.

“Operating without clear regulation is uncomfortable for any business because you do not know what comes next. The Bank of Ghana has been clear in its communication, and now we are looking forward to the operational guidelines,” he said.

Lead Digital Technology Consultant at EY Ghana, Elikplim Kitsikpui, urged businesses to begin preparing immediately rather than waiting for implementation.

“The cost of getting ready today is small, but the cost of missing the opportunity by delaying could be much higher,” he said.

Innovation Must Be Matched by Strong Controls

While the regulatory framework is expected to encourage innovation, businesses have also been advised to strengthen governance and risk management systems.

Felix Kesseh, Manager in EY Ghana’s Risk Consulting practice, noted that even institutions that choose not to offer virtual asset services may still face indirect exposure through customer transactions and third-party relationships.

He urged firms to strengthen controls around financial crime risks, customer due diligence and operational resilience.

Supporting Ghana’s Digital Economy

The Bank of Ghana says the objective extends beyond regulation.

Mr. Alhassan said the central bank views virtual assets as an opportunity to modernise financial services while safeguarding consumers and maintaining financial stability.

“We are equally focused on leveraging virtual assets to transform financial service delivery,” he said.

The discussions formed part of the UK-Ghana Chamber of Commerce and EY Ghana’s 2026 Digitalisation Series, which brought together regulators, financial institutions, technology firms and industry experts to examine the future of Ghana’s digital finance ecosystem.