Crypto regulations enforced by Bank of Ghana set to commence in September
Recent developments indicate that Ghana is making significant strides towards formalizing cryptocurrency regulation under the oversight of the Bank of Ghana.
Key updates include:
- **Establishment of the Digital Assets Unit:** The Bank of Ghana has established a specialized Digital Assets Unit, signalling the central bank's commitment to overseeing and regulating the cryptocurrency sector. - **Comprehensive Cryptocurrency Regulation:** The Bank of Ghana has announced plans to commence the regulation of virtual assets by the end of September 2025. This move represents a significant step towards integrating crypto into the country’s formal financial system and aims to provide regulatory clarity for businesses and consumers. - **Regulatory Approach and Innovation:** Rather than hastily implementing untested regulations, the Bank of Ghana is using its Regulatory and Innovation Sandbox to carefully test blockchain solutions. This approach allows for controlled experimentation, building confidence among stakeholders while ensuring the safety and integrity of the financial system. - **Integration with Existing Infrastructure:** The government is working to assimilate blockchain technology into Ghana’s existing digital infrastructure, rather than treating it as a separate system. The forthcoming Virtual Asset Providers Act is expected to introduce licensing frameworks that complement established financial regulations. - **Public Warnings and Enforcement:** In June 2025, the Bank of Ghana issued a public warning against using unlicensed digital platforms such as YellowPay and HanyPay, confirming its intent to enforce upcoming regulations and protect consumers from unregulated operators.
The Bank of Ghana's governor, Johnson Asiama, has stated that the proposed cryptocurrency regulations are expected to be enforced by September. The Bank of Ghana will establish a specialized crypto unit to enforce these regulations once passed.
The proposed regulations will require Virtual Asset Service Providers (VASPs) to implement anti-money laundering and combating the financing of terrorism (AML/CFT) measures, as recommended by the Financial Action Task Force (FATF). Moreover, the regulations will also mandate VASPs to comply with the FATF's Travel Rule.
It is worth noting that the Ghanaian Securities and Exchange Commission (SEC) announced in December 2024 that it was setting up a committee to help it develop the capacity to regulate digital assets. The passage of a Virtual Assets Service Providers (VASP) act by the Ghanaian legislature is contingent on the proposed cryptocurrency regulations.
The Bank of Ghana plans to create a special task force to focus solely on enforcing the provisions of the VASP act. However, the role of the specialized crypto unit beyond enforcing regulations is not detailed in the given paragraph. The timing for the enforcement of the proposed cryptocurrency regulations is not specified.
These steps mark a proactive and measured approach to integrating blockchain and cryptocurrency into Ghana’s digital economy, with a clear timeline for the implementation of formal regulations. The Bank of Ghana's commitment to ensuring the safety and integrity of its financial system while fostering innovation in the digital asset space is commendable.
- The Bank of Ghana, having established a Digital Assets Unit aimed at regulating the cryptocurrency sector, is committed to integrating digital assets into Africa's financial system, particularly in Nigeria, by the end of September 2025.
- In line with the Financial Action Task Force (FATF) recommendations, the proposed cryptocurrency regulations in Ghana will mandate Virtual Asset Service Providers (VASPs) to implement anti-money laundering and combating the financing of terrorism (AML/CFT) measures, as well as comply with the FATF's Travel Rule.
- The upcoming Virtual Assets Providers Act in Ghana is expected to introduce licensing frameworks to assimilate blockchain technology into the existing digital infrastructure, fostering a conducive environment for technology-driven businesses.
- Johnson Asiama, the governor of the Bank of Ghana, has stated that the proposed regulations will be enforced by September, with the specialized crypto unit established by the Bank of Ghana playing a key role in enforcing these regulations.
- As a proactive measure, the Ghanaian Securities and Exchange Commission (SEC) has set up a committee to develop the capacity to regulate digital assets, indicating a broader strategy in Ghana to embrace digital assets and technology in the business and finance sectors.
