Bank of Ghana Mandates Registration for Virtual Asset Service Providers
In a significant regulatory move, the Bank of Ghana (BOG) has mandated that all Virtual Asset Service Providers (VASPs) in the nation must register with the central authority by August 15, 2025. This decision is aimed at creating a foundational database as the BOG seeks to develop a comprehensive legal framework governing the cryptocurrency sector in Ghana.
Objectives of the Registration Process
The BOG’s public announcement outlines that the registration process is a vital component of the initiative to enhance integrity, foster innovation, and ensure consumer protection within the digital finance landscape. The registration spans a variety of services, encompassing:
- Virtual asset exchange platforms
- Digital wallet providers
- Custody services
- Other related operations involving the transfer or sale of virtual assets and stablecoins
Upcoming Regulations and Compliance
The initiative precedes the bank’s plans to introduce regulations for VASPs, expected to be rolled out by the end of September. BOG Governor Johnson Asiama disclosed these developments during a recent trip to Washington, D.C., where he also announced the establishment of a dedicated unit focused on digital assets.
As part of this effort, the BOG has emphasized that the registration process must be completed through an online platform, and it applies to all VASPs, whether they maintain a physical operational base or function exclusively online. The central bank has made it clear that registration is obligatory; those who fail to comply might face regulatory penalties or lose their eligibility for future licenses.
Clarification on Registration Status
Importantly, the registration itself does not equate to a license to operate and does not confer legal recognition or approval. The Bank of Ghana maintains the authority to provide additional instructions based on their ongoing evaluation of the market landscape and adherence to international best practices for digital asset operations.
