Ghana’s central bank has announced plans to introduce a law regulating cryptocurrencies and other virtual assets by the end of December. The initiative gained momentum this week following remarks by Bank of Ghana Governor Johnson Asiama, who highlighted the intention to present a bill to parliament and establish a dedicated unit within the bank to oversee digital asset activities.
### Regulating Virtual Assets and Service Providers
The proposed legislation aims to bring trading platforms, digital wallets, and other virtual asset services under clear regulatory guidelines before the year ends. As part of this effort, the Bank of Ghana has already begun urging companies operating in this sphere to register.
Specifically, Virtual Asset Service Providers (VASPs)—which include exchanges, wallet operators, and payment service providers using cryptocurrencies—have been given a registration deadline of August 15, 2025. This requirement serves as an initial step toward formal licensing and comprehensive oversight.
By mandating registration, the central bank seeks to map the current landscape of digital asset operations within the country and gather essential data ahead of implementing stricter regulations.
### Rising Crypto Adoption in Ghana
Ghana’s regulatory push comes amid a steady increase in cryptocurrency use. Reports suggest that around 3 million adults in Ghana—approximately 17% of the population—now use digital assets. During a recent 12-month period, crypto-related transaction volumes reached an estimated $3 billion.
Such elevated levels of activity pose challenges for monetary authorities attempting to monitor money flows, as well as for tax agencies striving to capture revenue from these transactions.
### Establishing a New Oversight Unit
To enforce the upcoming rules, the Bank of Ghana plans to build a specialized unit focused on the supervision and enforcement of virtual asset regulations. However, sources indicate that this unit has not yet been fully staffed or equipped.
Building the necessary capacity—through hiring personnel, developing systems, and coordinating with other regulatory bodies—is being pursued alongside the legislative process. This overlap has led some analysts to view the December deadline as ambitious.
### Draft Law Details and Parliamentary Process
Draft versions circulating in media reports suggest that the legislation will empower the Bank of Ghana to license virtual asset service providers and impose requirements related to anti-money laundering controls, reporting obligations, and consumer protections.
The final text may also clarify how oversight responsibilities will be shared among different regulators. Bank officials have indicated that the bill is slated for submission to parliament in the months leading up to December.
As of now, the total market capitalization of cryptocurrencies stands at approximately $3.53 trillion.
### What to Expect Next?
Market participants and users will be closely watching three key factors:
– Whether parliament approves the bill within the central bank’s target timeframe.
– The strictness and scope of the licensing requirements.
– How rapidly the Bank of Ghana can operationalize its new regulatory unit.
If the legislation is enacted as planned, exchanges and payment providers will need to apply for licenses and undergo compliance checks. Conversely, any delays could create uncertainty for companies regarding their continued operations and strategic planning.
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*Featured image from African Adventures; chart sourced from TradingView.*
https://bitcoinist.com/crypto-in-ghana-lawmakers-race-to-write-rules-before-december/
