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Ghana is expected to begin a carefully phased implementation of its new virtual assets regulatory regime once presidential assent is granted to the Virtual Asset Service Providers Bill, with detailed guidelines and licensing frameworks likely to be rolled out in early 2026, according to the Bank of Ghana.
Speaking at the WEB 3 Accra VASPs Ecosystem Mixer in Accra, the Lead for Virtual Assets Regulation at the Bank of Ghana, Dr Seyram Pearl Kumah, said the Bill has already been passed by Parliament and is now awaiting the President’s signature before it becomes an Act and is made publicly accessible.
She explained that the Act will serve as the primary legal framework governing Ghana’s virtual asset sector, setting out high-level rules rather than operational details.
“So until the President signs it, it cannot be a public document. So we hope that before the end of this year, the President will sign so that we can all have access to the Act,” she said.
Dr Kumah stressed that the Act alone will not trigger immediate regulation or licensing of virtual asset service providers, noting that further work is required to operationalise the law through directives and guidelines. According to her, the Bank of Ghana, the Securities and Exchange Commission, the Ghana Revenue Authority, the Data Protection Commission and law enforcement agencies will all need to align their roles and build capacity before regulation can commence.
“The Act is the primary document with high rules to guide the sector. It is not the only document we are going to use,” she said, adding that secondary instruments will provide detailed requirements for registration, licensing, market conduct, taxation and compliance.
She disclosed that the central bank and the SEC have already begun preparatory work, including anti money laundering and counter terrorism financing training for selected virtual asset operators. “Even today, we had an AML, CFT training with the registered VAs before we start the licensing registration process,” she said, explaining that issues such as KYC, onboarding and the travel rule remain central concerns for regulators.
Dr Kumah said the Virtual Asset Service Providers Act is anchored in Ghana’s Anti Money Laundering Act, Act 1044, meaning operators will be required to comply fully with existing AML obligations. She added that the law also assigns responsibility for virtual asset taxation to the Ghana Revenue Authority, which is preparing to administer the tax regime.
“One of the major concerns of regulators has to do with money laundering and also tax evasion,” she said. “Yes, the Act addresses some of these concerns.”
She indicated that, based on international experience, it typically takes up to two years for a country to fully operationalise such legislation, though Ghana could move faster given the preparatory work already completed. She revealed that the Bank of Ghana has drafted its directives and guidelines and is awaiting corresponding instruments from the SEC before engaging stakeholders and publishing them.
“So I can say that three months into the Act, by this first quarter of 2026, all these instruments will be out,” she said.
Dr Kumah also clarified that Ghana’s regulatory approach will be activity based rather than entity based, with 14 distinct virtual asset services identified under the Act. Each activity will require either registration or licensing from the appropriate regulator, depending on risk.
“You don’t license an entity. You license the various activities,” she said. “So Binance can be licensed in Ghana to provide custodial services to Ghanaians but may not be licensed to provide a trading platform.”
She explained that this approach would require strict supervision to prevent operators from undertaking unlicensed activities, noting that all approved services and operators will be published on the websites of the Bank of Ghana and the SEC for public verification.
In her address to participants, Dr Kumah described the coexistence of the fiat and crypto financial systems, explaining that while the fiat system is centralised and government controlled, the crypto system is decentralised and driven by blockchain technology. She emphasised that the passage of the Act does not amount to legalising crypto trading overnight.
“The Act doesn’t mean we have legalised crypto trading in the country. The Act only provides the legal framework to guide the sector,” she said.
She explained that Ghana adopted a principles-based regulatory model rather than a rules-based one to allow flexibility in a fast-evolving industry. “If something changes, then it means we have to rush to Parliament to amend a provision, which will be too tedious,” she said, adding that guidelines can be amended more easily to keep pace with market developments.
Dr Kumah urged operators and the public to study the Act once it is published, saying early understanding of its provisions would make the transition to licensing and supervision smoother for all stakeholders.
“So as we are gathered here, the Act will be out. You read it, you know the high-level provisions, then the directives and guidelines will make it simple for the operator to prepare,” she said.
The central bank hopes the new framework will improve transparency and oversight, following reports that about 3 million Ghanaians, representing roughly 17 per cent of the adult population, are involved in cryptocurrency trading. Estimates by Web3 Africa Group suggest that this group processed about 3 billion dollars worth of crypto transactions in Ghana in the year through June 2024, raising concerns about potential implications for management of the cedi.
Ghana’s move places it among a growing list of Sub-Saharan African countries such as Kenya, South Africa and Ethiopia that have introduced regulatory frameworks for crypto, as the region continues to record strong growth in digital asset adoption.
