Ghana has taken its first concrete step toward regulating digital assets. The Bank of Ghana (BoG) has launched mandatory registration for Virtual Asset Service Providers (VASPs) operating in or serving users in the country, marking the start of a phased approach that will culminate in formal licensing once a new legal framework is passed by Parliament.
The BoG’s notice clarifies that registration is compulsory for exchanges, custodians, brokers, wallet providers, and other VASPs, whether they have a physical presence in Ghana or offer services digitally. The exercise is intended to help the central bank map the market, assess risks, and prepare supervisory rules. The BoG also cautions that registration does not constitute a license and that non-compliance may affect eligibility when licensing begins.
A comprehensive licensing regime is expected next. According to multiple briefings, the BoG is finalizing a VASP bill to submit to Parliament in September, after which licensing—covering AML/CFT controls, custody, cybersecurity, consumer protection, and governance—can formally commence. Reports suggest the push is motivated by growing on-chain activity and demand from consumers and fintechs.
See related: Kenya’s New 10% Tax on Crypto Fees Goes Live as Industry Reacts
Why it matters
- Trust & safety: A clear rulebook can reduce fraud risk and protect users while bringing exchanges into the formal financial system.
- Institutional doors open: Licensing should make it easier for banks, funds and corporates to partner with compliant crypto providers.
- Regional signal: Ghana joins peers moving from warnings to structured oversight, positioning Accra as a West African crypto hub if rules remain innovation-friendly.
Expert lens
Policy watchers describe Ghana’s plan as “registration now, licensing next”, a pragmatic path that aligns with global standards. Analysts also warn that licensing costs (capital thresholds, audits, reporting) must be calibrated to avoid squeezing out startups; tiered or sandboxed models could preserve innovation.
What’s next
- Parliamentary submission of the VASP bill (September window).
- Further BoG advisories detailing documentation, custody, and cybersecurity requirements.
- Industry registration completions and a public list of entities in good standing ahead of licensing.
Bottom line: Ghana’s registration phase is underway, and the licensing switch is poised to flip after Parliament acts—potentially ushering in a safer, more attractive market for both users and investors.
