Ghana has taken a major step into the digital finance space after President John Dramani Mahama signed the Virtual Asset Service Providers Bill into law.
The move follows the passage of the Bill by Parliament after months of review and consultation, clearing the way for the formal regulation of virtual assets, including cryptocurrencies.
The announcement was made on Tuesday December 30 by the Acting Deputy Director General of the Securities and Exchange Commission, Mensah Thompson, in a public statement.
The new law provides a clear legal framework for the use, trading, and provision of services linked to virtual assets in Ghana, an area that had previously operated without specific legislation.
Under the Act, individuals and companies involved in virtual asset activities will be required to obtain licenses or register with the appropriate regulatory authority.
Depending on the nature of their operations, oversight will fall under the Securities and Exchange Commission, the Bank of Ghana, or any other body designated by the Minister for Finance.
This is expected to strengthen investor protection and improve confidence in the digital finance ecosystem.
The Securities and Exchange Commission has outlined the categories of services it will license and regulate.
These include virtual asset exchanges, trading platforms, issuance and tokenization services, exchange traded funds, asset management, investment advisory, brokerage, and certain mining and validation activities linked to securities.
Reacting to the development, Mensah Thompson said, “The SEC assures the general and investing public of its continued diligence and unwavering commitment to fostering a safe, efficient, fair, and transparent virtual asset ecosystem in which investors are protected, and market integrity is upheld.”
The SEC and the Bank of Ghana are expected to issue detailed guidelines to operationalise the Act.
Many industry players see the law as a positive signal that Ghana is positioning itself for the future of global finance and digital inclusion.
