Parliament has officially passed the Virtual Asset Service Providers (VASPs) Bill, setting the stage for a comprehensive legal framework to regulate virtual assets and the operators that manage them in Ghana.
The Bank of Ghana announced the development in a press release, noting that the Act’s effective date will be announced shortly. Once operational, all individuals and entities engaging in virtual asset activities will be required to obtain licensing or registration from either the Bank of Ghana or the Securities and Exchange Commission (SEC), depending on the nature of the activity.
In the coming months, the Bank and SEC plan to issue directives and regulatory instruments to operationalise the Act. These will provide detailed guidance for prospective applicants and clarify licensing requirements.
The authorities emphasised that the move is aimed at fostering a safe, transparent, and innovative virtual asset ecosystem, while ensuring the protection of users and the stability of the financial system.
“This Bill represents a significant step forward in safeguarding the interests of virtual asset users and strengthening the integrity of Ghana’s financial system,” the Bank of Ghana said in its statement.
For further information, the public is encouraged to contact the FinTech and Innovation Office at the Bank of Ghana or visit the Bank’s official website.
