Regulation in the cryptocurrency sector is set to stimulate innovation and attract investments, according to Gillian Darko of YellowCard.
Ghana to Establish Regulatory Framework for Cryptocurrency
Ghana is set to introduce a regulatory framework for virtual asset service providers (VASPs), a move that aims to legitimize and formalize the cryptocurrency market within the country. The Virtual Asset Service Providers (VASP) Act, proposed by the government, will provide a legislative basis for regulating entities offering virtual asset services, including cryptocurrency exchanges and wallet providers.
The Act, which includes provisions for consumer protection, anti-money laundering (AML) and know-your-customer (KYC) compliance, cybersecurity audits, and minimum capital thresholds, empowers the Bank of Ghana to license and supervise VASPs. This gives the central bank regulatory oversight over cryptocurrency activities within Ghana.
According to the Bank of Ghana Governor, Johnson Asiama, the regulatory regime is expected to be launched by the third quarter of 2025. The implementation of these rules is dependent on the passage of a Virtual Asset Service Providers Act, which would empower the BoG to license and supervise VASPs.
The regulations are expected to have several positive impacts on Ghana’s cryptocurrency market and FinTech industry. By licensing VASPs, the Act will legitimize crypto businesses, allowing them to operate legally and gain the trust of users and financial institutions, which can improve access to banking services for crypto platforms.
The Act’s emphasis on compliance with AML/KYC rules and cybersecurity audits aims to reduce fraud, money laundering, and financial crime risks in crypto transactions, protecting consumers and stabilizing the market. This regulation supports the Bank of Ghana’s ability to monitor digital payments more effectively, which assists in managing inflation and exchange rate volatility in Ghana’s economy.
Clear regulatory guidelines are expected to boost confidence among both local and international investors and FinTech innovators, fostering ecosystem growth and integration with traditional finance. The regulations are also expected to unlock innovation and investment in Ghana's FinTech ecosystem.
Ghana’s move aligns with broader African trends toward crypto regulation seen in Nigeria and South Africa, helping to harmonize regulatory standards and potentially facilitating cross-border digital asset activities. The proposed cryptocurrency regulation in Ghana is scheduled for rollout by September 2025.
Yellow Card, one of Africa's leading digital asset platforms, has expressed support for the proposed regulations. Gillian Darko, Chief of Staff and Director of Strategy at Yellow Card, has stated that stablecoins and other digital assets are already being used in Ghana for managing currency risk and facilitating cross-border payments.
As a player subjected to rigorous compliance standards in the U.S. and Europe, Yellow Card is well-positioned to align with any rules Ghana introduces. The company is advocating for clearly defined asset classifications, proportional compliance obligations, and mechanisms for continuous stakeholder engagement in the final framework.
The BoG's decision to move ahead with regulation reflects a broader continental trend of central banks in Africa grappling with how best to harness the opportunities of digital finance while managing associated risks. The long-anticipated regulations will provide operational clarity and reinforce industry credibility for players like Yellow Card.
The implementation of these rules is dependent on the passage of a Virtual Asset Service Providers Act, which would empower the BoG to license and supervise VASPs. As of mid-2025, the Bank of Ghana has given VASPs until August 15, 2025, to register, and the government anticipates presenting the VASP Act to Parliament by September 2025 to solidify these rules and regulatory authority. This marks a significant shift from earlier cautious or restrictive stances toward cryptocurrency in Ghana, reflecting the country’s growing digital asset adoption, which reportedly involves about 17% of the population.
The proposed cryptocurrency regulation in Ghana is expected to position Ghana as a digital finance hub in Africa, attracting investment and innovation, and supporting market stability and financial oversight. Companies with strong standards for anti-money laundering (AML), cybersecurity, and consumer protection are expected to stand out in a regulated space.
In the established regulatory framework for cryptocurrency in Ghana, businesses offering virtual asset services such as cryptocurrency exchanges and wallet providers will be subject to regulations, including consumer protection, anti-money laundering (AML) and know-your-customer (KYC) compliance, cybersecurity audits, and minimum capital thresholds.
By legislating and regulating virtual asset service providers (VASPs), Ghana's move aims to legitimize crypto businesses, attract investment, and support market stability, positioning the country as a digital finance hub in Africa. Investors and FinTech innovators are expected to take note of the potential benefits and growth opportunities in Ghana's regulated cryptocurrency market.
