The Bank of Ghana (BoG) has issued a strong warning to digital asset businesses operating in the country, urging them to treat regulatory compliance as a core part of their operations rather than something to address only after regulators come knocking.
The warning was delivered by Elhanan Owureku Asare, Head of Fintech and Innovation at the BoG, who represented the Governor at the second edition of the Digital Assets Summit Africa.
As Ghana’s digital asset industry expands and regulatory structures become more defined, companies operating in the sector are expected to take greater responsibility for how they conduct business, protect customers and manage emerging risks.
BoG Puts Compliance at the Centre of Digital Asset Growth
Mr Asare said digital asset businesses should build compliance into their operations from the beginning, with particular attention to transparency, responsible marketing and the protection of customers’ assets.
The call comes at a time when virtual assets are attracting growing attention from businesses, investors, technology companies and financial institutions. The rapid pace of innovation, however, has also created questions around consumer protection, financial risks and the ability of regulators to keep pace with new business models.
“Digital assets are prompting many of the same questions that emerged when digital payments first began expanding rapidly. Could regulators keep pace? Would consumers be adequately protected? How would risk be managed?”
Elhanan Owureku Asare
According to Mr Asare, those questions cannot be left entirely to regulators to resolve. Digital asset companies themselves must take responsibility for ensuring that their activities meet the required standards as the sector develops.
That approach places compliance beyond the traditional idea of meeting regulatory requirements after a business has already been established. Instead, businesses are being encouraged to make compliance part of their systems, products and daily decision-making.
Virtual Assets Law Raises Regulatory Stakes
The BoG’s position comes against the backdrop of Ghana’s evolving legal framework for virtual assets, following the passage of the Virtual Assets Providers Bill in December last year.
The legislation represents a significant development in efforts to establish clearer rules for businesses operating within the digital asset ecosystem.
Peter Fempomanson, Chief Executive Officer of Promark Elite Limited and an organiser of the Digital Assets Summit Africa, pointed to the legislation as one of the major developments since the previous edition of the summit.
“Last year, when I was fortunate to be with you, there was nothing like the Virtual Assets Providers Bill. So you may recall that in September, we had the Digital Assets Summit Africa, and we had a huge representation from Bank of Ghana as well as Securities and Exchange Commission.”
Elhanan Owureku Asare
The development highlights how quickly the regulatory conversation has progressed. What was previously largely a discussion among industry participants and policymakers is increasingly becoming part of Ghana’s formal financial regulatory structure.
Mr Fempomanson said continued engagement between industry players and regulators has helped maintain momentum around the development of the sector.
Industry Engagement Gains Momentum
He said organisers were encouraged by the growing involvement of the BoG and the Securities and Exchange Commission in discussions surrounding digital assets.
“We take a great deal of pride in that because we felt that the conversation that we started on the sidelines some few years ago is now gaining the necessary momentum, and the Bank of Ghana and Securities and Exchange Commission, who are the key regulators in this space, have taken the conversation seriously.”
Elhanan Owureku Asare
The growing engagement also reflects the increasing importance of digital assets within discussions about Ghana’s financial technology ecosystem.
Yet, the message from the BoG suggests that industry growth will come with greater expectations. Businesses will have to demonstrate that innovation does not come at the expense of transparency, customer protection or sound risk management.
High Interest Signals Growing Digital Asset Appetite
The strong interest in the summit itself offered another indication of the attention surrounding the sector.
Mr Fempomanson said registration had to be closed ahead of the event because organisers had received more participants than anticipated.
“You see the number of people who have gathered here this morning, we are basically overwhelmed.”
Elhanan Owureku Asare
The turnout brings together stakeholders at a time when Ghana’s digital asset conversation is moving beyond speculation about future possibilities and towards questions about how the industry should operate within a formal regulatory environment.
The challenge now is likely to be balancing innovation with accountability. Digital asset businesses seeking to grow in Ghana will need to understand that regulatory expectations are becoming an increasingly important part of their business models.
Summit Looks Beyond Regulation
While regulation remained a major theme, the summit was not solely focused on compliance.
Mr Fempomanson said the event is also designed to create opportunities for startups and small businesses with innovative ideas but limited access to capital.
That focus adds a practical dimension to the gathering, particularly for entrepreneurs who may have promising digital solutions but struggle to secure funding and market access.
The organisers’ broader objective is to ensure that conversations around digital assets translate into tangible opportunities for businesses and entrepreneurs.
As Ghana’s regulatory framework continues to take shape, the BoG’s warning sends a clear message to digital asset companies: compliance cannot be treated as an afterthought. Businesses that want to participate in the sector will increasingly need to show that innovation, customer protection and regulatory responsibility can move together.
The next phase of Ghana’s digital asset industry may therefore be defined not only by technological innovation, but also by how seriously businesses take the rules governing their operations.
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