BoG to roll out rules for Ghana’s new crypto law

The Bank of Ghana says it is preparing a set of regulatory directives to operationalise the newly passed Virtual Assets Service Providers Bill, in a move that will formally bring cryptocurrency and other virtual asset activities under state supervision.

In a statement, the central bank said the directives will be issued in partnership with the Securities and Exchange Commission and will provide detailed guidance for the licensing, registration and oversight of virtual asset businesses. The Bill, which was approved by Parliament last week, creates a legal framework to regulate virtual assets and entities that provide virtual asset services.

The Bank of Ghana indicated that the effective date of the new law will be communicated later. Ahead of that date, individuals and companies involved in virtual asset activities will be required to obtain a licence or register with either the central bank or the SEC, depending on the type of service they offer.

Both regulators reiterated their commitment to building what they described as a safe, transparent and innovation-friendly virtual asset ecosystem, while at the same time protecting consumers and safeguarding the stability of Ghana’s financial system.