Bank of Ghana to Introduce Crypto Regulations by September 2025 Under New VASP Act

As the crypto space gets wider in Africa, more countries in the continent are seeing the need for a regulatory framework for the operation of digital assets rather than laws that cripple innovation.

Dr Johnson Asiama, the Governor of the Bank of Ghana, announced that Ghana is ready to follow suit as the Central Bank of Ghana will start regulating cryptocurrencies and virtual asset platforms by the end of September 2025.

BoG to roll out Cryptocurrency regulations by September 2025https://t.co/3SneWr66x6

— Dennislaw News (@dennislawnews) April 23, 2025

Dr Asiama made this known at the African Leaders and Partners Forum, hosted by the EBII Group during the IMF/World Bank Spring Meetings in Washington.

The Governor of the Bank of Ghana stated passage of the proposed Virtual Asset Providers Act will allow the Bank of Ghana (BoG) to license and oversee operations of the digital assets industry.

Dr Asiama emphatically stated that the widespread use of cryptocurrency and blockchain is unpreventable; ergo, there is a need for proper regulations that promote innovation and enhance the country’s economy.

“To enhance the regulation of these platforms and assets, the Bank of Ghana is establishing a dedicated unit focused on digital assets. This is a technology we cannot prevent, hence the need to move fast to regulate it,”

Dr Asiama said.

In addition, Dr Asiama explained that to put Africa’s economy on momentum and attract local and foreign investors, there must be economic credibility, transparency, trust, and policy independence.

Moreover, Dr Asiama noted the African central banks are getting all hands on the deck to achieve economic efficiency with innovation-friendly regulatory frameworks.

Bank of Ghana Cautioned Ghanaians Against Bitcoin and Other Digital Assets

The proposed Virtual Asset Service Providers Act marks a u-turn to the country’s stance when it cautioned its citizens against trading Bitcoin and other digital assets as they are not licensed under the country’s Payment System Act 2003 (Act 662).

However, BoG mentioned that it is working tirelessly to enhance Ghana’s payment systems, including digital forms of money.

Thereafter, in August 2024, BoG released draft guidelines on digital assets detailing the Bank’s proposed regulatory measures, simultaneously seeking feedback from industry and the public.

Similarly, in March 2025, Dr James Klutse, the Director-General of Ghana’s Securities and Exchange Commission (SEC), also announced that the Commission has successfully crafted a regulatory structure for the crypto industry.

African Countries Accept Crypto and Blockchain Innovations Amid Regulations

Recently, the Nigerian SEC reiterated the country’s acceptance of digital assets after officially allowing cryptocurrency trading. However, the delay in issuing licences of operation to more exchanges hinges on the need to conduct due diligence and address regulatory gaps.

⚡️JUST IN: Nigeria 🇳🇬 SEC recognizes digital assets as security, this follows the enactment of the Nigerian Investment and Securities Act (ISA) 2025 on April 1st, which officially recognizes cryptocurrencies as an investment asset under the law. pic.twitter.com/stycHx73pd

— Coinwaft (@coinwaft) April 5, 2025

The delay aims to prevent illegal activities such as Ponzi schemes, pump-and-dump tokens, and unregistered exchanges.

Likewise, similar regulatory efforts are underway in South Africa and Kenya to strengthen crypto oversight and combat money laundering (ML) and terrorism financing (TF).