BoG sets September 30 to begin regulation of cryptocurrency platforms and virtual asset providers – Dr. Asiama
BoG sets September 30 to begin regulation of cryptocurrency platforms and virtual asset providers – Dr. Asiama
Ghana has seen a sharp rise in cryptocurrency usage, including popular assets like Bitcoin and Ethereum, despite the lack of a defined regulatory framework.
But Ghana’s central bank, the Bank of Ghana (BoG), says plans are far advanced to begin regulating cryptocurrency platforms and virtual asset providers by the end of September 2025.
This was announced by the BoG Governor, Dr. Johnson Asiama, at the African Leaders and Partners Forum in Washington, D.C., held on the sidelines of the IMF/World Bank Spring Meetings.
Addressing participants, Dr. Asiama explained that Ghana’s central bank’s regulatory move is contingent on the passage of the upcoming Virtual Asset Providers Act, which will grant BoG the authority to license and supervise digital asset operations.
“To enhance the regulation of these platforms and assets, the Bank of Ghana is establishing a dedicated unit focused on digital assets.
This is a technology we cannot prevent, hence the need to move fast to regulate it,” Dr. Asiama revealed.
The BoG’s forthcoming measures aim to bring order to this growing sector.
Dr. Asiama’s announcement comes as part of broader efforts by the BoG to modernize Ghana’s financial system. These include the eventual launch of the central bank digital currency (CBDC), the eCedi, which was first introduced in 2021 as a means of boosting digital inclusion and economic efficiency.
While highlighting the potential benefits of digital assets, the Governor of BoG also issued a word of caution to prospective investors saying “Cryptocurrencies remain highly volatile and vulnerable to price swings,” urging the public to approach digital trading with care.
In August 2024, the central bank published draft guidelines proposing mandatory registration, Anti-Money Laundering (AML) protocols, and robust internal controls for Virtual Asset Service Providers (VASPs).
These guidelines are expected to serve as the foundation of the new legislation and play a key role in protecting investors while maintaining financial stability.
The forum, which attracted key figures in finance, trade, and development from Africa, the United States, and Europe, focused on strengthening economic partnerships and financial cooperation across continents.
