Ghana legalises cryptocurrency with landmark Virtual Asset Service Providers law

Ghana has passed the Virtual Asset Service Providers (VASP) Bill, officially legalising cryptocurrency trading nationwide and placing exchanges, wallets and custodial platforms under direct oversight of the Bank of Ghana and the Securities and Exchange Commission.

Ghana’s Parliament has approved the 2025 Virtual Asset Service Providers Bill, creating the country’s first dedicated legal framework for cryptocurrencies and virtual asset businesses. The Bank of Ghana confirmed the bill’s passage in a 23 December press release, stating that it establishes a formal regime for regulating virtual assets and VASP activity.

Under the new law, individuals can legally buy, sell and hold cryptocurrencies, while all service providers – including exchanges, wallet operators and custodians – must obtain licences from the Bank of Ghana and the Securities and Exchange Commission and comply with strict operating standards. Licensed VASPs will be required to implement robust consumer-protection measures and follow international anti-money-laundering and counter-terrorist-financing rules, including FATF “travel rule” obligations for traceable transactions.

Officials say the law is a direct response to the rapid growth of an unregulated crypto market. Estimates cited by regulators indicate that around 3 million Ghanaians have already used cryptocurrency, with on-chain volumes of roughly US$3bn by mid-2024, placing Ghana among Sub-Saharan Africa’s top five crypto economies. By moving trading into a licensed environment, authorities aim to reduce fraud and market abuses while supporting innovation and financial inclusion, particularly for younger, digitally active users.

Implementation will be phased in from 2026, when detailed licensing directives and reporting requirements are expected to come into force. The framework also opens the door for future initiatives such as asset-backed digital settlement instruments, with policymakers signalling interest in exploring gold-backed stablecoins once supervisory capacity is in place.

For global operators and fintech investors, Ghana’s VASP regime signals that the country now treats cryptocurrency as a fully recognised, regulated financial activity rather than a legal grey zone – but participation will depend on meeting central-bank-level compliance, transparency and risk-management standards.