In a release dated November 5, 2025 and a policy paper titled Ghana’s Policy Position on Virtual Assets and Service Providers, the BoG outlined Ghana’s first national framework for regulating virtual assets such as cryptocurrencies, tokens, and related technologies.

According to the Bank, a registration exercise conducted in July 2025 identified over 100 companies providing services such as exchange, wallet management, brokerage, and investment advisory to a user base of more than three million Ghanaians.

To strengthen supervision, the bank explained it will establish a Virtual Assets Regulatory Office (VARO) to oversee the sector.

The new office will coordinate with other state institutions and enforce compliance with anti-money laundering and counter-terrorism financing standards.

“The Bank recognises that virtual assets can no longer remain outside Ghana’s financial regulatory remit,” the document stated. It added that the VARO will act as a link between government oversight and the virtual assets industry, and work with agencies such as the Securities and Exchange Commission (SEC), the Financial Intelligence Centre (FIC), the Ghana Revenue Authority (GRA), and the National Communications Authority (NCA).

The announcement marks a major policy shift from the Bank’s earlier cautionary position. In 2018 and 2022, the Bank warned that cryptocurrencies were not legal tender and directed financial institutions to avoid processing crypto-related transactions. The 2025 policy moves from warning to regulation.

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The Bank said Ghana’s regulatory approach will be risk-based and activity-specific, ensuring that oversight intensity matches the risks involved in each type of virtual asset service.

High-risk activities such as trading and custody will face stricter licensing rules, while low-risk services will go through simplified procedures.

The Bank reaffirmed that virtual assets will not be recognised as legal tender in Ghana. It said the new regulatory framework aims to promote innovation, consumer protection, and financial stability while reducing exposure to money laundering, fraud, and terrorism financing.

The policy paper also proposes a National Virtual Assets Literacy Initiative (NaVALI), to be developed in partnership with the SEC and the Ministry of Education.

The initiative will promote public awareness and financial literacy, especially among young Ghanaians who make up most crypto users.

Ghana’s policy direction follows international standards set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS).

The move places Ghana among a small group of African countries taking structured steps to regulate digital assets while supporting innovation.