The Bank of Ghana has issued a directive mandating all Virtual Asset Service Providers (VASPs) operating in the country to register with the central bank by August 15, 2025, or risk regulatory sanctions.
In a public notice signed by the Secretary to the Bank, Ms. Sandra Thompson, the Bank explained that the exercise is part of efforts to maintain financial stability, enhance innovation, and protect consumers within the digital financial ecosystem.
“Pursuant to its mandate of maintaining financial stability and consistent with its ongoing efforts to promote integrity, innovation and consumer protection in the digital financial ecosystem, the Bank of Ghana requires all Virtual Asset Service Providers (VASPs) operating within the jurisdiction of the Republic of Ghana to register with the Bank,” the notice stated.
The registration requirement applies to both locally based operators and foreign digital platforms offering services to persons resident in Ghana. It also covers a wide scope of virtual asset activities, including:
– Virtual asset exchange services
– Wallet provision or custody services
– Transfer or settlement services involving virtual assets
– Services related to the issuance or sale of virtual assets, such as Initial Coin Offerings (ICOs) and stablecoins
The Bank clarified that the exercise is preliminary and is intended to inform the upcoming legal and regulatory framework for VASPs, aligning it with international best practices.
Importantly, the central bank cautioned that registration should not be misconstrued as legal authorisation to operate.
“Registration does not constitute a licence to operate, nor does it imply legal recognition or approval,” the statement noted. “Failure to comply may result in regulatory sanctions or disqualification from future licensing.”
VASPs are required to complete the registration process via the following online form: https://forms.office.com/r/XqthpEkhkQ.
The Bank of Ghana has also pledged to issue further directives based on insights gathered from the registration process.
For technical support, VASPs are encouraged to contact the regulator via the dedicated email: vasp@bog.gov.gh.
This development comes as global financial regulators tighten oversight of the cryptocurrency and virtual asset space in response to concerns over money laundering, terrorism financing, and financial stability.
Source: GraphicOnline