The Ghanaian central bank has recently made an important announcement regarding the regulation of virtual asset service providers in the country. In a bid to promote integrity, innovation, and consumer protection in the digital financial ecosystem, the Bank of Ghana (BOG) has mandated that all Virtual Asset Service Providers (VASPs) operating in Ghana undergo a mandatory registration process. This move comes as the central bank prepares to establish a comprehensive legal and regulatory framework for the crypto industry.
The registration process covers a broad range of virtual asset activities, including virtual asset exchange services, wallet provision or custody services, transfer or settlement services involving virtual assets, as well as services related to the issuance or sale of virtual assets and stablecoins. All VASPs operating within the country are required to complete the registration by August 15, 2025, to ensure compliance with the new regulations.
Governor Johnson Asiama of the Bank of Ghana has announced plans to begin regulating VASPs by the end of September, with the establishment of a dedicated digital asset unit. The central bank aims to align its regulations with international best practices and ensure that market developments are taken into account when drafting the new framework.
It is important to note that registration does not constitute a license to operate, nor does it imply legal recognition or approval. Failure to comply with the registration process may result in regulatory sanctions or disqualification from future licensing. The central bank reserves the right to issue further directives based on its assessment of the industry.
All VASPs, whether they have a physical presence or operate solely through digital platforms, must complete the registration process via an online form provided by the central bank. This initiative is a crucial step towards creating a more transparent and secure environment for virtual asset services in Ghana.
In conclusion, the mandatory registration process for VASPs in Ghana is a significant development in the country’s efforts to regulate the crypto industry. By ensuring that all virtual asset service providers comply with the new regulations, the Bank of Ghana is taking proactive steps to safeguard consumers and promote a more robust digital financial ecosystem.