Virtual assets regulation takes shape in Ghana as BoG, Web3 Africa and Binance weigh in

The Bank of Ghana has outlined a phased and collaborative approach to regulating virtual assets in Ghana, as Parliament’s approval of the Virtual Asset Service Providers Bill, 2025, awaits presidential assent, a move expected to formally usher the country into a regulated digital asset era.

Speaking at the WEB 3 Accra VASPs Ecosystem Mixer in Accra, the Lead for Virtual Assets Regulation at the Bank of Ghana, Dr Seyram Pearl Kumah, said the Bill, once assented to, would become the primary legal framework guiding the sector, but stressed that regulation would not begin immediately.

“So until the President signs it, it cannot be a public document. So we hope that before the end of this year, the President will sign so that we can all have access to the Act,” she said.

Dr Kumah explained that the Act would be supported by additional instruments, including guidelines and directives, to operationalise its provisions. According to her, regulators and market operators would need time to study and align with the new legal framework before licensing and supervision could begin.

“The Act is the primary document with high rules to guide the sector, to guide the VASP sector. It is not the only document we are going to use,” she said, adding that Bank of Ghana, the Securities and Exchange Commission, the Ghana Revenue Authority, the Data Protection Commission and law enforcement agencies would all play roles in implementation.

She noted that anti money laundering and counter terrorism financing considerations were central to the law, describing them as key regulatory concerns in the virtual asset space.

“The virtual asset service providers Act is built on Act 1044 which is the Anti Money Laundering Act,” Dr Kumah said, explaining that VASPs would be required to comply with existing AML laws and guidelines, while taxation of virtual assets would be handled by the Ghana Revenue Authority under provisions in the Act.

Drawing on international experience, she said it typically takes about two years for a new virtual assets law to be fully operationalised, but expressed optimism that Ghana could move faster due to preparatory work already done by regulators.

“So I can say that three months into the Act, so by this first quarter of 2026 all these instruments will be out, so that the VASPs will have some time to know the requirements if you want to be licensed or registered in Ghana,” she said.

Dr Kumah also clarified that Ghana’s regulatory framework would be activity based rather than entity based, meaning firms would be licensed for specific virtual asset services rather than granted a single blanket licence.

“You do not license an entity. You license the various activities,” she said, adding that details of licensed services and providers would be published on the websites of the Bank of Ghana and the Securities and Exchange Commission.

The ecosystem mixer was held against the backdrop of the pending law and brought together regulators, innovators and global industry players to discuss the future of digital assets in Ghana. The event was organised by Web 3 Accra and sponsored by Binance.

The Founder and Chief Executive Officer of the Web 3 Africa Group, Del Titus Bawuah, described the engagement as part of efforts to build a collaborative and responsible digital asset ecosystem in Ghana.

“The whole purpose of this is to basically ensure that we are collaborative, right, to build a responsible ecosystem, because by building a responsible ecosystem, we are going to have a much more robust, progressive industry,” he said.

Mr Bawuah welcomed the progress made so far, describing the passage of the Bill as significant after years of advocacy.

“I’m just happy that Ghana is even taking the step. Let’s be clear, the Bill is not fully at where it should be. It is passed subject to presidential assent. That is very important,” he said.

He expressed confidence that the virtual assets industry could contribute significantly to economic growth across Africa, particularly through youth employment and skills development.

“I don’t see why Africa cannot add an additional trillion dollars in GDP based on this industry alone, not just in Ghana, the whole entire continent,” he said.

Mr Bawuah also disclosed plans to support upcoming initiatives with the central bank focused on education and literacy, stressing that awareness should precede commercialisation of the sector.

Legal Counsel for Binance across Africa, Larry Cooke, said Ghana was well positioned to lead crypto adoption in West Africa, citing existing financial infrastructure and regulatory engagement.

“I think Ghana is well poised and well positioned in the sense of leading that adoption in West Africa,” he said, adding that regulation would further legitimise the industry and increase public confidence.

Mr Cooke challenged common misconceptions about cryptocurrency, particularly the perception that it is primarily about fast money or criminal activity.

“Crypto is not about fast money,” he said, noting that fraud exists across all industries and that education and compliance were key to addressing risks in the digital asset space.

He praised Ghana’s decision to enact a dedicated virtual assets law rather than relying on existing financial regulations, describing it as a more sustainable approach.

“I think that Ghana has positioned itself quite well in advance, in the top three, in my opinion, in terms of crypto regulation that we see on the continent,” he said.

Highlighting opportunities for the Ghanaian economy, Mr Cooke pointed to job creation, innovation and the potential role of stablecoins in bridging traditional finance and digital assets.

“Stable coins is probably the most easiest opportunity for us to capitalize as Africans and Ghana specifically,” he said, urging local innovators to explore the creation of a Ghana cedi stablecoin.

The WEB 3 Accra VASPs Ecosystem Mixer, held on December 22 at the Pelican Hotel in Cantonments, underscored growing momentum around digital assets in Ghana, as regulators and industry players prepare for the next phase of implementation once the VASP law receives presidential assent.