Government is targeting 2027 for the full operationalisation of its Virtual Asset Service Providers Act, 2025 (Act 1154), as the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) work to develop the regulatory framework for the rapidly evolving sector.
Governor of the Bank of Ghana, Dr Johnson Asiama, said the two institutions are developing operational guidelines and implementing policy sandboxes to support the effective implementation of the law.
Speaking at the inauguration of the Virtual Assets Coordinating Committee (VACC), Dr Asiama said the legislation was a critical step in bringing Ghana’s growing virtual asset sector under a formal regulatory framework.
The operational guidelines are being developed by the designated regulatory authorities, i.e., the Bank of Ghana and the Securities and Exchange Commission, alongside the implementation of policy sandboxes by both institutions towards fully operationalizing the Act by 2027.”
The Act was enacted following concerns raised by Ghana’s 2024 national Anti-Money Laundering, Counter-Terrorist Financing and Proliferation Financing (AML-CFT-PF) risk assessment.
According to Dr Asiama, the assessment revealed significant adoption and use of virtual assets in Ghana, alongside increasing links between the sector and the formal financial system.
The report highlighted the urgent need for a legal and regulatory framework to govern the evolving virtual asset sector. So, fast forward, we now have Act 1154 before us.”
Regulatory framework
The Governor said the development of operational guidelines and policy sandboxes by the BoG and SEC would help provide the regulatory infrastructure needed to implement the law.
The policy sandboxes are expected to provide a controlled environment for regulators to assess emerging virtual asset products, services and business models while the broader regulatory framework is being developed.
Dr. Asiama said the establishment of the VACC is another important component of the implementation process, as it will bring together key institutions responsible for overseeing different aspects of the sector.
The committee comprises representatives from the Bank of Ghana, SEC, Ministry of Finance, Cyber Security Authority and Financial Intelligence Centre, with provision for other relevant institutions to be co-opted when necessary.
He said the committee would provide a statutory platform for coordinated regulatory and supervisory action.
The inauguration of the virtual assets coordinating committee is therefore critical to the effective implementation of the Virtual Assets Providers Act 2025 Act 1154, as it will provide the statutory platform for coordinated regulatory and supervisory actions among the relevant institutions.”
Balancing regulation and innovation
Dr. Asiama stressed that Ghana’s regulatory approach must keep pace with developments in digital finance while creating room for responsible innovation.
The pace at which virtual assets and digital finance are evolving globally, this leaves us little room for a passive approach.”
He said effective coordination and information sharing would be critical to developing a virtual asset ecosystem that is safe and well regulated without undermining innovation and inclusion.
Effective coordination, timely information sharing, and a shared commitment to safeguarding the integrity of our financial system, these will be essential if we are to build a virtual asset ecosystem, an ecosystem that is safe, an ecosystem that is well regulated, and an ecosystem that is supportive of innovation and inclusion.”
The Governor said the VACC would also help strengthen Ghana’s response to risks associated with virtual assets, including money laundering, terrorist financing, cybersecurity and consumer protection.
The committee will facilitate harmonized implementation of the Act and its subsidiary regulatory instruments, strengthen information sharing and interagency cooperation, support coordinated responses to emerging risks, and enhance Ghana’s ability to address money laundering, terrorist financing, cybersecurity, consumer protection, and other risks that are associated with virtual assets.”
Dr. Asiama described the inauguration of the VACC as an important transition from the enactment of the legislation to the establishment of a functioning regulatory framework.
This inauguration this afternoon therefore marks an important transition from the enactment of the legislation to the establishment of an effective, coordinated, and sustainable virtual asset regulatory framework in Ghana.
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