Parliament has passed the Virtual Asset Service Providers (VASPs) Bill, marking a major step towards regulating virtual assets and related activities in Ghana, the Bank of Ghana has announced.
In a press release, the central bank said the new law establishes a comprehensive legal framework for the oversight of virtual assets and entities that provide related services. The effective date of the Act will be announced in due course.
Under the legislation, individuals and institutions engaged in virtual asset activities will be required to obtain licences or register with the appropriate regulator. Depending on the nature of the activity, oversight responsibility will lie with either the Bank of Ghana or the Securities and Exchange Commission (SEC).
The Bank of Ghana said both regulators will, in the coming months, issue detailed directives and regulatory instruments to operationalise the Act. These measures are expected to provide clarity on licensing and registration requirements, as well as guidance for prospective applicants and existing operators in the virtual asset space.
The central bank noted that the passage of the Bill reflects growing efforts to balance innovation with effective regulation, as virtual assets gain wider use within the financial system.
The Bank of Ghana and the SEC reaffirmed their joint commitment to promoting a safe, transparent and innovative virtual asset ecosystem. They said the regulatory framework is designed to protect users, manage risks and safeguard the stability of the financial system while supporting responsible financial innovation.
The Bank advised stakeholders and members of the public seeking further information to contact the FinTech and Innovation Office at the Bank of Ghana.