Ghana Legalizes Cryptocurrency with Landmark Virtual Asset Service Providers Law

Ghana has taken a major step toward formalizing its digital asset economy after Parliament passed the Virtual Asset Service Providers (VASP) Bill, 2025. The law provides a comprehensive legal framework for cryptocurrency trading and the operation of digital asset businesses in the country. For years, the Bank of Ghana had warned the public about the risks of using unregulated digital currencies, but by 2023–2024, according to Web3 Africa Group estimates, more than 3 million Ghanaians, around 9% of the population or 17% of adults had traded over $3 billion in cryptocurrencies, showing that digital assets had already become widely adopted in the country.

The VASP law allows individuals to legally buy, sell, and hold cryptocurrencies while requiring all service providers, including exchanges, wallet operators, and custodial platforms to obtain licenses from the Bank of Ghana and the Securities and Exchange Commission. Licensed operators must also adhere to international anti-money laundering (AML) and counter-terrorist financing (CFT) standards. By establishing this regulated environment, Ghana joins countries such as South Africa and Kenya in fostering fintech investment while reducing the risks associated with an unregulated market.

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Key Highlights of the New Crypto Law

The Virtual Asset Service Providers Bill aims to shift Ghana from a cautious, ‘wait-and-see’ stance to an active and forward-looking regulatory framework. Major pillars of the law include:

• Mandatory Licensing: All entities operating in the crypto space including exchanges, wallet providers, and custody services – must now be licensed and supervised by the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC).
• Consumer Protection: The law empowers local authorities to safeguard consumers against fraud and ensure that platforms maintain strict internal controls and solvency.
• AML/CFT Compliance: In line with global FATF standards, the legislation mandates strict Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) protocols, including the “Travel Rule” for digital transactions.
• A “No-Arrest” Policy: Governor Asiama specifically noted that the law provides safety for the millions of Ghanaians already using Bitcoin and other tokens, assuring the public that legitimate trading is now a protected economic activity.

Governor, Dr. Johnson Pandit Asiama, confirmed that the new legislation effectively ends years of regulatory ambiguity saying, “This year also saw the passage of the Virtual Asset Service Providers Bill, a significant step in preparing the regulatory framework for digital asset activities. The Bill establishes the basis for licensing and supervising participants in this space, ensuring that emerging activity is brought within clear, accountable, and well-governed boundaries.”