By: Deborah Amewoyi
Ghana’s central bank, Bank of Ghana has issued a directive to Virtual Assest Service Providers (VASP) to register with the BoG latest by August 15, 2025.
The Central Bank in a release cautioned these cryptocurrency financial institutions and other virtual assets under the service provider to ensure registration by the said date in order to maintain financial stability. Compliance to this directive will promote the Integrity, Innovation and consumer protection within the digital financial ecosystem.
To this end, the registration will enable the regulation and identification of the various virtual assess entities in activities such as; “Virtual asset exchange services, wallet provision or custody services, the transfer or settlement services involving virtual assets and the services related to the issuance or sale of virtual assets (initial coin offering or stable coin).”
Significantly, BoG have required that all VASPs currently offering services to individuals in Ghana either online or in person are to complete the registration process by the slated deadline, August 15.
All VASPs are mandated to complete registration conveniently via; https://forms.office.com/r/XqthpEkhkQ.
The Central bank stressed that registration is compulsory but does not include a license to operate officially. To wit, all VASPs who register successfully will undergo further directives for licensing and approval based on the outcome of the registration.
However, failure to adhere to the registration caution served by the BoG will result in future sanctions such as disqualification from future licensing.
The BoG’s caution and call on VASPs and other digital financial entities sheds significant light on Ghana’s evolving financial system. Reports have indicated that in 2018, the BoG declared all digital asset platforms as illegal analyzing that financial engagement with these entities may result in cyber theft, money laundering and fraud.
This current Caution and call for registration shows acceptance of these digital assets into Ghana’s banking system as a legal tender for transactions.
