Ghana Moves to Regulate $10bn Crypto Market as VASP Act Takes Effect
Ghana has enacted comprehensive cryptocurrency legislation as President John Dramani Mahama signed the Virtual Asset Service Providers (VASP) Bill into law, bringing oversight to a digital asset market that has surged past $10 billion in annual transaction volume. The new regulatory framework marks a significant shift from the country's previous hands-off approach to digital currencies, which authorities say had become untenable given the sector's explosive growth.
Background and Context
The legislation arrives as Ghana's cryptocurrency market demonstrates remarkable expansion. Official figures indicate that crypto transactions reached more than $10 billion by November 2025, representing a 67% increase from approximately $6 billion recorded in 2024. This rapid growth placed Ghana among Africa's most active digital asset markets, prompting policymakers to address mounting concerns about consumer protection, financial stability, and illicit finance risks.
Key Figures and Entities
The VASP Act establishes a dual regulatory architecture, splitting supervision between the Bank of Ghana and the Securities and Exchange Commission. Under the new framework, the BoG will oversee payment-related virtual asset services and stablecoin operations, while the SEC assumes responsibility for cryptocurrency exchanges, custodial wallet providers, token issuances, and other investment-oriented digital asset activities. The legislation earned broad political support, passing with bipartisan backing in Parliament and receiving endorsement from the Presidency, Ministry of Finance, and industry stakeholders.
Legal and Financial Mechanisms
The VASP Act introduces mandatory licensing requirements for all entities operating as virtual asset service providers in Ghana, establishing a formal entry barrier that previously did not exist. The law mandates compliance with capital adequacy standards, solvency requirements, and regular reporting obligations designed to enhance transparency and regulatory oversight. According to the legislation's provisions, crypto businesses must now undergo rigorous vetting processes and maintain robust anti-money laundering and counter-terrorist financing controls to operate legally in the Ghanaian market.
International Implications and Policy Response
Ghana's regulatory approach aligns with broader trends across Africa, where major economies are moving from restrictive policies to structured oversight of digital assets. Kenya and Nigeria have implemented similar frameworks in recent years as part of financial modernization efforts aimed at expanding financial inclusion while managing systemic risks. Ghanaian regulators anticipate that the VASP framework will strengthen investor confidence and support the country's ambitions to develop into a regional hub for regulated digital asset services. Industry representatives have welcomed the legal clarity, suggesting it will attract institutional investment and foster responsible innovation in the sector.
Sources
This report draws on official statements from the Bank of Ghana, Ghanaian parliamentary records, Securities and Exchange Commission announcements, and publicly available transaction data compiled between 2024 and 2025.
