By Jibril Abdul Mumuni
Accra, May 19, GNA – Ghana has introduced a legal framework to regulate virtual assets as cryptocurrency adoption accelerates and digital finance expands across the economy.
The move follows the enactment of the Virtual Asset Service Providers (VASP) Act, 2025, aimed at strengthening oversight of the country’s growing cryptocurrency market and aligning regulatory standards with global financial integrity requirements.
The Financial Stability Review 2025, published under the auspices of the Financial Stability Council, said more than three million Ghanaians were currently using cryptocurrencies, driven by demand for alternative investments, cross-border transactions and digital financial services.
“The rapid expansion in the use of cryptocurrencies presents both opportunities and risks, including potential challenges for anti-money laundering and counter-terrorism financing compliance,” the report noted.
The Review said the expanding use of crypto assets could expose Ghana’s financial system to risks, including fraud, illicit financial flows and exchange rate pressures if left inadequately regulated.
It said the Securities and Exchange Commission and the Bank of Ghana were developing licensing requirements and supervisory guidelines to operationalise the new legislation and strengthen oversight of virtual asset service providers.
The report noted that the framework would introduce prudential, governance and risk management standards designed to protect investors and support financial market stability.
The Review said stakeholder consultations and institutional capacity-building programmes were underway to enhance regulatory coordination and readiness across the sector.
It also highlighted continued expansion in Ghana’s fintech industry, supported by increased digitalisation and innovation in payment systems and financial services.
The report expressed concern about the rise of unregulated digital lending platforms and said the Bank of Ghana had issued directives to regulate digital credit providers and curb illegal lending applications operating outside the regulatory framework.
The Review said innovation in digital finance could advance financial inclusion and economic growth, but stressed the need for sustained regulatory vigilance and proactive policy measures to contain emerging risks.
GNA
Edited by Kenneth Sackey