Ghana passes VASP Act 2025 to regulate crypto and curb fraud
Ghana’s Virtual Asset Service Providers Act 2025 creates licensing and supervisory rules for crypto firms to reduce fraud and strengthen anti-money-laundering oversight; SEC and Bank of Ghana are drafting regulations.
Ghana has enacted the Virtual Asset Service Providers Act 2025, establishing licensing protocols and supervisory mandates for companies that provide digital asset services across the country.
The Securities and Exchange Commission and the Bank of Ghana are preparing detailed licensing rules and supervisory frameworks to implement the law. Regulators plan to require governance standards, risk-management procedures and supervisory reporting for virtual asset service providers.
The Financial Stability Review 2025, issued by the Financial Stability Council, says the legislation aims to strengthen state oversight of a rapidly growing market and to align Ghana with international financial intelligence and anti-money-laundering standards.
“The rapid expansion in the use of cryptocurrencies presents both opportunities and risks, including potential challenges for anti-money laundering and counter-terrorism financing compliance,” the review warned. The report also noted that rising crypto activity could expose the financial system to fraud, illicit financial flows and exchange rate pressure if left unregulated.
The review found that more than 3 million Ghanaians now use cryptocurrencies. Regulators attribute adoption to demand for alternative investments, cross-border payments and expanding digital financial services.
To roll out the new framework, authorities are conducting stakeholder consultations and capacity-building programs aimed at improving regulatory coordination and enforcement. Planned measures include prudential rules designed to protect investors and support market stability.
The report flagged a separate concern about digital lending platforms operating outside the formal financial system. The Bank of Ghana has issued directives targeting illegal lending apps that offer credit without oversight or consumer protections.
Regulators said they expect the new law and implementing rules to bring virtual asset providers into the existing financial integrity and supervisory perimeter and to provide clearer requirements for compliance and supervision as the fintech sector grows.
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