Ghana is on the brink of a decisive shift in how its digital economy is governed. With the passage of the Virtual Asset Service Providers Bill 2025, the country formally ends the era of regulatory ambiguity of cryptocurrencies, tokens, stablecoins, and other blockchain-based assets. The bill establishes a legal framework that brings virtual asset activity into Ghana’s financial regulatory system under the joint oversight of the Bank of Ghana (BoG), the Securities and Exchange Commission (SEC), and the Financial Intelligence Centre (FIC).
A recent report by Bloomberg reveals that about 3 million Ghanaians, an equivalent of 17% of the adult population of Ghana, deal in digital currency. The Web3 Africa Group also estimates that crypto transactions from June 2023 to June 2024 amounted to roughly $3billion. The numbers show how profitable and highly engaged the crypto sector is despite systematic regulation from the Central Bank and other financial institutions.
The implications for the digital economy are significant. First, the bill signals that virtual assets are now recognised economic instruments, not fringe experiments. By requiring Virtual Asset Service Providers to register and obtain licences based on the activities they perform, Ghana positions itself as a jurisdiction that supports innovation while demanding accountability. This alone improves investor confidence, especially for fintech startups, remittance platforms, blockchain developers, and foreign partners who previously viewed the sector as legally uncertain and unsafe.
Second, the bill strengthens Ghana’s digital financial system integrity. Ghana deliberately rejected an outright ban on virtual assets, aligning instead with global best practice recommended by international bodies such as the Financial Action Task Force (FATF). The risk-based regulatory model means higher-risk activities, such as custody, payments, and trading, would now face stricter oversight, while lower-risk innovation is not smothered by unnecessary bureaucracy. This balance is crucial for a country where digital payments, informal remittances, and mobile-first finance already dominate daily life.
Third, the bill improves consumer protection and cybersecurity resilience. Mandatory compliance with anti-money laundering, counter terrorist financing, and proliferation financing rules reduces the likelihood of scams, fraud, and platform collapses that have historically harmed users in loosely regulated crypto markets. Coordinated supervision involving cybersecurity and data protection authorities further reduces systemic digital risk.
Most importantly, the bill anchors Ghana’s digital future within the global financial system. Enforcing standards such as the FATF Travel Rule. The rule requires financial institutions and Virtual Asset Service Providers (VASPs) to share sender/beneficiary information such as names, addresses, accounts and many more during virtual transactions. This ensures traceability of virtual asset transfers, making Ghana compatible with international payment rails rather than isolated from them. For a country positioning itself as a regional fintech hub, this interoperability matters.
In effect, the Virtual Assets Bill does not just regulate crypto. It formalises a new layer of Ghana’s digital economy, one where innovation is allowed to grow but not to run unchecked. The long-term outcome is a more credible, investable, and resilient digital financial ecosystem.
– Elliot Nuertey