Ghana has officially legalised cryptocurrency trading following the passage of the Virtual Asset Service Providers Bill, 2025.
The new law marks a turning point for digital assets in the country, ending years of uncertainty and informal participation in crypto related activities. The announcement was made by the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama.
According to the Governor, the legislation establishes a clear regulatory framework for supervising virtual asset activities while managing the risks associated with digital currencies. The law provides the legal clarity that both users and regulators have long demanded, formally bringing cryptocurrency trading into Ghana’s regulated financial space.
Addressing widespread public concern about the status of cryptocurrencies, Dr Asiama was unequivocal about what the new law means for users. “Effectively, virtual assets trading is now legal and no one is going to be arrested for doing crypto, but we now have the framework to manage the risks involved,” he said.
This statement signals a decisive shift in policy, especially for thousands of Ghanaians who were already trading digital assets despite the absence of a clear legal backing. Until now, crypto activity existed in a grey area, leaving users exposed to legal uncertainty and regulatory gaps.
Regulation, Not a Free For All
While welcoming the legalisation, the Governor was careful to stress that the move does not amount to unrestrained freedom in the crypto space. “The legalisation of cryptocurrency trading does not amount to a free-for-all, but rather the introduction of firm rules to protect consumers and the financial system,” he stated.
Under the new law, the Bank of Ghana is empowered to license, supervise and monitor all entities operating within the digital asset ecosystem. This includes exchanges, wallet providers and other virtual asset service providers. The framework is designed to enforce compliance, transparency and accountability as the sector continues to grow.
Dr Asiama explained that the absence of regulation in previous years exposed users to fraud, money laundering and broader systemic risks. These vulnerabilities, he said, posed threats not only to individual investors but also to financial stability.
“What this means is that now we have the framework to manage it and to manage the risks that can involve that kind of activity,” he said. Systems are currently being put in place to ensure proper reporting, consumer safeguards and adherence to anti money laundering standards.
The Governor emphasised that consumer protection lies at the heart of the new crypto law, reflecting lessons learned from both domestic and global financial disruptions.
Supporting Innovation and Financial Inclusion
Beyond risk management, the crypto law is also intended to support innovation and broaden financial inclusion, particularly among young people and technology driven entrepreneurs. Dr Asiama acknowledged that many Ghanaian youths were already actively involved in digital assets long before legalisation.
By formalising the sector, he noted, Ghana can now harness the benefits of blockchain technology while limiting its downsides. The new framework is expected to attract credible investors and fintech firms, create jobs and contribute to economic diversification.
“These are not just legal milestones; they are enablers of better policies, stronger supervision and more effective regulation,” he said, adding that innovation must be allowed to thrive within a safe and well governed financial environment.
Financial Stability and Lessons From the Past
The passage of the crypto law comes alongside amendments to the Bank of Ghana Act, a move Dr Asiama described as critical to safeguarding institutional credibility. He said both reforms reflect lessons learned from past economic shocks, particularly the domestic debt exchange and governance challenges that characterised the 2022 crisis.
According to the Governor, the revised law strengthens the central bank’s independence, governance structures and operational safeguards. “The amendments we have made ensure that the kind of debilitating actions we saw in 2022 will never happen again,” he said.
These reforms, he explained, are aimed at protecting the economy and restoring investor confidence in Ghana’s financial system.
Vigilance Still Required in a Risky Global Environment
Despite the progress, Dr Asiama cautioned that legalisation does not eliminate risk entirely. He noted that Ghana continues to operate within an uncertain global economic environment, where shocks can easily transmit across borders and markets.
“The progress gives us room to move, but it also calls for responsibility and vigilance,” he said. The central bank, he assured, remains committed to maintaining financial stability while supporting responsible innovation in the digital asset space.
With the passage of the Virtual Asset Service Providers Bill, 2025, Ghana has entered a new chapter in its financial and digital economy. The law provides clarity, protection and opportunity, transforming cryptocurrency trading from an informal activity into a regulated component of the national financial system.
As regulation takes hold, the challenge ahead will be to strike the right balance between innovation and control. For now, however, one message is clear. Crypto has gone legit in Ghana.
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