The Bank of Ghana (BoG) has issued a directive mandating all Virtual Asset Service Providers (VASPs) operating within the country to register with the central bank by August 15, 2025.

The move is part of efforts to bolster financial stability and develop a comprehensive regulatory framework for the growing digital asset ecosystem.

The mandatory registration applies to both local and foreign VASPs offering services to Ghanaian residents, whether through a physical presence or digital platforms.

In a statement issued on July 10, the Central Bank noted that affected services include virtual asset exchanges, digital wallets, custody and settlement services, and the issuance or sale of crypto assets such as stablecoins and initial coin offerings (ICOs).

“This exercise is aimed at ensuring that the forthcoming legal and regulatory frameworks for VASPs are informed by market developments and aligned with international best practices,” the central bank said.

The BoG clarified that registration does not amount to a licence to operate or imply legal recognition or approval. However, failure to comply may result in sanctions or disqualification from future licensing opportunities.

The central bank’s move comes amid increasing global efforts to bring virtual asset activities under regulatory oversight, particularly to prevent financial crimes, protect consumers, and ensure the integrity of financial markets.

Ghana, like many emerging economies, is experiencing rapid growth in digital financial services, including crypto-related activities. However, the absence of clear regulatory guidelines has left a vacuum that the BoG now aims to fill.

VASPs and other stakeholders in the digital finance space are encouraged to take immediate steps to comply. Technical assistance is available through the email address: vasp@bog.gov.gh.

Also, the registration process can be completed online via a dedicated portal at https://forms.office.com/r/XqthpEkhkQ.

This development is seen as a precursor to broader reforms in Ghana’s digital finance sector as the central bank seeks to strike a balance between innovation and regulation.