Key Takeaways
- The newly approved Virtual Asset Service Providers (VASP) law makes crypto trading legal nationwide while empowering regulators to license and monitor companies operating in the sector.
- Under the new legislation, exchanges, wallet providers and custodial services will be required to obtain licenses before operating
In a major development, Ghana has taken a decisive step toward formalising its fast-growing digital asset economy, passing legislation that places crypto trading under a clear legal and supervisory framework for the first time in the African country.
The newly approved Virtual Asset Service Providers (VASP) law makes crypto trading legal nationwide while empowering regulators to license and monitor companies operating in the sector. Bank of Ghana Governor Johnson Asiama announced the development over the weekend, framing it as a shift from uncertainty to structured oversight. While stressing that crypto activity itself will no longer attract criminal sanctions, he, however, warned that it will now be subject to firm regulatory controls.
At the center of the framework is the Bank of Ghana, which becomes the lead authority responsible for supervising crypto-related businesses. Under the new legislation, exchanges, wallet providers and custodial services will be required to obtain licenses before operating. The Securities and Exchange Commission(SEC) will work alongside the central bank, creating a dual-regulator model intended to close gaps in supervision and standardize compliance across the industry.
According to officials, the law is meant to balance two competing realities: the rapid adoption of crypto among Ghanaians and the risks associated with unregulated markets. While authorities have repeatedly cautioned the public about fraud and volatility in recent years, crypto use continued to expand. Government estimates suggest millions of Ghanaians have already engaged in digital asset trading, forcing policymakers to move from warnings to regulation.
The legislation introduces consumer protection measures and gives regulators powers to act against misconduct, financial crime and abusive practices. Licensed firms will be required to demonstrate financial soundness, maintain internal controls and comply with anti-money laundering and counter-terrorist financing rules. The framework also links Ghana’s crypto market more closely with global standards by mandating cooperation on transaction monitoring and data-sharing.
Beyond risk management, the government sees the law as an economic opportunity. Asiama said the framework is intended to attract responsible fintech firms and investors while supporting innovation, particularly among young entrepreneurs who have driven crypto adoption in the country. By clarifying the legal status of digital assets, officials hope to channel activity into regulated platforms rather than informal or offshore markets, thereby putting an end to illicit digital asset trading.
The move comes as crypto activity accelerates across Africa. Recent industry data shows sub-Saharan Africa is among the world’s fastest-growing regions for on-chain transactions, reinforcing the pressure on governments to establish rules that protect users without stifling innovation. As per a Chainalysis report, between July 2024 and June 2025, the region received more than $205 billion in on-chain value, up roughly 52% from the previous year.
