BoG, SEC to Regulate Crypto Activities Following Passage of Virtual Assets Law

By Praisebell Rosemond Larbi
The Bank of Ghana (BoG), in collaboration with the Securities and Exchange Commission (SEC), has announced plans to issue regulatory directives to guide the implementation of the newly passed Virtual Assets Service Providers Law.
In a statement, the central bank said the move follows Parliament’s passage of the Virtual Assets Service Providers Bill last week, which establishes a legal framework for the regulation of cryptocurrencies and other virtual assets in Ghana.
According to the Bank of Ghana, the forthcoming directives and regulatory instruments will be developed jointly with the Securities and Exchange Commission and will provide clarity on how virtual asset activities are to be supervised, licensed and monitored.
The BoG noted that the effective date of the new law will be announced in due course, after the necessary implementation arrangements are finalised. Until then, stakeholders are encouraged to familiarise themselves with the broad requirements of the law and prepare for compliance.
Under the new legal framework, individuals and entities engaged in virtual asset activities will be required to either obtain a licence or register with the appropriate regulator. The Bank of Ghana will regulate activities that fall within its mandate, particularly those related to payments and financial system stability, while the Securities and Exchange Commission will oversee virtual asset activities that qualify as securities or investment products.
The central bank explained that the law is intended to promote transparency, strengthen consumer and investor protection, and address risks such as fraud, money laundering and terrorism financing associated with virtual assets.
Both the Bank of Ghana and the Securities and Exchange Commission reaffirmed their commitment to fostering a safe, transparent and innovative virtual asset ecosystem in Ghana, while safeguarding the integrity and stability of the financial system.
They stressed that regulation is not meant to stifle innovation but to create a structured environment that supports responsible growth and builds public confidence in emerging financial technologies.
The passage of the Virtual Assets law marks a significant milestone in Ghana’s financial sector regulation and aligns the country with global efforts to bring digital assets under formal oversight.