Ghana has taken a major step toward embracing the future of digital finance after President John Dramani Mahama signed the Virtual Asset Service Providers (VASP) Bill into law. The signing follows the successful passage of the bill by Parliament after what officials describe as a rigorous and consultative legislative process.

The development was announced on Tuesday, December 30, by the Acting Deputy Director-General of the Securities and Exchange Commission (SEC), Mensah Thompson, in a statement shared on his official Facebook page.

A New Legal Framework for Virtual Assets in Ghana

The newly enacted law provides a comprehensive legal and regulatory framework for the use, trading, and provision of services involving virtual assets, including cryptocurrencies. With this move, Ghana officially legalises activities within the virtual asset ecosystem while placing them under strict regulatory oversight.

According to Mr. Thompson, the law positions Ghana closer to the “next phase of global finance and financial inclusion,” aligning the country with emerging international best practices in digital assets regulation.

Roles of the SEC and Bank of Ghana

Under the Virtual Asset Service Providers Act, the primary regulatory authorities are the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC), alongside any additional bodies that may be prescribed by the Minister for Finance.

All individuals and entities involved in virtual asset activities will be required to be licensed or officially registered by either the SEC or the Bank of Ghana, depending on the nature of their operations. Both institutions are expected to issue guidelines and regulatory instruments to fully operationalise the Act.

Virtual Asset Services to Be Regulated by the SEC

In a statement to clarify its mandate under the new law, the SEC outlined the specific virtual asset services it will license and regulate. These include:

• Virtual Asset Exchanges
• Virtual Asset Trading Platforms
• Virtual Asset Issuance
• Virtual Asset Tokenization
• Virtual Asset Exchange Traded Funds (ETFs)
• Virtual Asset Managers
• Virtual Asset Investment Advisors
• Virtual Asset Brokerage
• Virtual Asset Advocacy (on securities)
• Virtual Asset Mining and Validation (on securities)
• Virtual Asset Sandbox (on securities)

Commendation for Bipartisan Support

Mr. Thompson praised President Mahama, the Minister for Finance, the Governor of the Bank of Ghana, and the Director-General of the SEC for their foresight and leadership. He also acknowledged the vital contributions of virtual asset market operators, including major exchanges and traders, toward shaping the legislation.

Special commendation was given to the Chairman of Parliament’s Finance Committee, Hon. Isaac Adongo, for his guidance and support throughout the legislative process, as well as the Minority in Parliament for offering bipartisan backing.

Investor Protection and Market Integrity

Reaffirming its commitment to public trust, the SEC assured investors and the general public of its dedication to building a safe, efficient, fair, and transparent virtual asset ecosystem. The regulator emphasized that investor protection and market integrity remain central to the implementation of the new law.

With the signing of the VASP Act, Ghana joins a growing list of countries taking proactive steps to regulate cryptocurrencies and virtual assets, marking a significant milestone in the nation’s financial and technological evolution.