Ghana Legalizes Bitcoin and Crypto Trading with New VASP Law

Ghana has officially legalized Bitcoin and cryptocurrency trading, marking a decisive shift in the country’s approach to digital finance.

The move follows parliamentary approval of the Virtual Asset Service Providers (VASP) Bill, 2025. It establishes a formal legal framework for cryptocurrency and related digital asset activities. 

The legislation brings long-anticipated regulatory clarity to a sector that had previously operated in a legal grey area.

Central Bank Confirms Policy Shift

The Bank of Ghana (BoG) formally confirmed the new legal status during its annual thanksgiving service on December 19, 2025. 

Speaking at the event, Governor Dr. Johnson Pandit Asiama described the legislation as a turning point in the country’s financial governance. He noted that the law provides a structured foundation for supervising digital asset activities, enabling regulators to monitor the sector more effectively while allowing innovation to develop within clearly defined boundaries.

Under the new framework, all crypto service providers must obtain licenses before operating. This applies to exchanges, wallet providers, and custody services. Regulatory oversight will be jointly managed by the Bank of Ghana and the Securities and Exchange Commission (SEC).

Officials say this coordinated approach will bring consistency to the market. It also ensures that only compliant entities will serve the public.

Enhanced Consumer Protections

The legislation also introduces stronger protections for crypto users. Specifically, regulators are now empowered to take action against fraud, misconduct, and other abusive practices. Service providers must implement internal controls and demonstrate financial stability as part of their licensing requirements.

Officials say these measures are intended to reduce risks for individual users while boosting public confidence in digital financial services, particularly among traders and small businesses.

The law further integrates Ghana’s crypto sector into the global regulatory system. Service providers are required to comply with anti-money laundering and counter-terrorist financing rules. These measures align with standards set by international financial watchdogs.

Moreover, platforms must adhere to the “Travel Rule,” which governs the sharing of transaction data when required. Regulators say this will increase transparency and strengthen cross-border cooperation in digital finance.

The Bank of Ghana has also clarified the legal position of current crypto users. Governor Asiama confirmed that legitimate cryptocurrency trading is protected under the new law, offering reassurance to the millions of Ghanaians already participating in the market.

While the clarification removes uncertainty surrounding lawful crypto activity, authorities emphasized that legal protections apply only to compliant and regulated transactions.

Rapid Adoption Prompted Regulatory Action

The policy shift comes after years of cautionary statements from the central bank regarding unregulated cryptocurrencies. Nevertheless, adoption continued to grow rapidly. Between 2023 and 2024, more than three million Ghanaians traded digital assets.

Crypto transactions during that period exceeded $3 billion. Authorities acknowledged that the scale of activity made regulation unavoidable.

Ghana Joins Regional Crypto Regulators

By legalizing and regulating crypto trading, Ghana joins regional peers such as Nigeria and South Africa, both of which have introduced structured oversight frameworks for digital assets.

The objective is to attract fintech investment while reducing the risks associated with informal and underground markets. Ultimately, they expect the new framework to support innovation while maintaining financial discipline over the long term.