Ghana legalises crypto, establishes VASP licensing under Bank of Ghana
Ghana’s parliament passed the Virtual Asset Service Providers (VASP) Bill on 22 December 2025, effectively legalising cryptocurrency trading and related services while keeping the Ghanaian cedi as the sole legal tender. The law names the Bank of Ghana (BoG) as the primary regulator with authority to license and supervise exchanges, wallets and custody providers; the Securities and Exchange Commission may share oversight in certain areas. The move responds to central-bank concerns about largely unregulated crypto activity — estimated by Web3 Africa Group at about $3 billion in transactions and some 3 million users through June 2024 — and aims to curb fraud and money laundering, improve consumer protection, lower banking costs for crypto businesses, and increase financial inclusion. Chainalysis data places Ghana among the top five Sub‑Saharan African countries by crypto value received (July 2024–June 2025). Regulators expect clearer rules and alignment with international frameworks to attract greater inflows, raise transparency and boost investor confidence. The law does not make crypto legal tender; it focuses on licensing VASPs to bring trading into regulated, accountable channels. Traders should watch for licensing timelines, KYC/AML requirements, potential changes in fiat on‑ramps and banking relationships, and any guidance from the BoG or SEC that could affect liquidity and exchange access.
Neutral
The law formalises crypto activity without recognising cryptocurrencies as legal tender and assigns licensing and supervisory powers to the Bank of Ghana. For the specific crypto market mentioned (broad crypto activity in Ghana rather than a single token), this is broadly neutral for price direction. Short-term volatility is possible as traders react to details: licensing requirements, KYC/AML standards, timing for approvals, and banks’ willingness to provide fiat on‑ramps could temporarily compress liquidity or raise trading costs — a possible short-term negative. Over the medium to long term, clearer regulation and improved banking access tend to support higher activity and inflows, which is positive for adoption and liquidity. Because the law primarily reduces legal uncertainty and focuses on supervision rather than endorsement (no legal tender status), its net price pressure on major cryptocurrencies is likely neutral overall, with episodic bullish or bearish moves driven by implementation specifics.