Ghana Approves New Crypto Law to Regulate Digital Assets

Ghana lawmakers have approved a new law to regulate cryptocurrency in the country. The Virtual Asset Service Providers Bill aims to bring digital currency activities under official oversight. The move responds to growing concerns about unregulated trading and potential risks to Ghana’s financial system.

Ghana to License Cryptocurrency Platforms

In an earlier update, we reported that Ghana was planning to introduce its first cryptocurrency regulations by the end of 2025, with the central bank saying a draft bill would be sent to Parliament.

According to reports, the law gives the Bank of Ghana the authority to license and supervise cryptocurrency businesses. This includes exchanges, wallet providers, and other companies that deal with digital assets. Governor Johnson Asiama said the law will allow the central bank to authorize qualified operators and monitor their activities.

Before this law, some digital asset businesses operated without clear legal standing. The new framework aims to provide clarity and control. 

While the central bank has not released full details about implementation or timelines, officials stressed the goal is to protect users while supporting innovation.

Addressing Risks from Growing Crypto Use

Ghana’s authorities have been concerned about how quickly cryptocurrency use has grown. The new rules are meant to reduce the risks of money laundering, protect consumers, and maintain financial stability.

Under the law, digital asset businesses must meet licensing standards and follow oversight rules. This ensures that cryptocurrency does not operate in an unregulated space. Officials say the law is not meant to stop growth but to make sure it happens safely.

In a separate news, UK lawmakers are set to introduce a bill that would bring digital assets under existing financial services law, with legislation expected to reach parliament on Monday

What the Law Means for Ghana’s Market

With the law in place, investors and companies in Ghana will gradually operate within a formal framework. The Bank of Ghana is expected to provide further guidance on reporting, capital requirements, and other rules for crypto operators.

There are questions about how existing businesses will adjust to the new system and how enforcement will work. Still, the law is seen as a step toward balancing growth with safety. Experts say it may also influence how neighboring countries regulate digital assets.

The passing of the Virtual Asset Service Providers Bill marks a new chapter for Ghana’s financial system. It shows that the country is willing to recognize digital currency while putting rules in place to protect users and ensure stability.

While Ghana’s new crypto law is in motion, Indonesia’s financial regulator has named 29 crypto platforms approved to operate legally, offering long-awaited clarity for investors.