By Kodjo Adams
Accra, July 30, GNA – Mr Kwesi Dadzie-Yorke, a fintech law expert, has welcomed Ghana’s new Virtual Asset Service Providers Act, describing it as a major step towards strengthening oversight of the country’s digital asset sector.
He said the legislation would help minimise financial crime and money laundering risks while promoting financial stability through the licensing and regulation of virtual asset service providers.
Mr Dadzie-Yorke made the remarks at the ABSA-University of Professional Studies, Accra (UPSA) Law School Quarterly Banking Roundtable XIV, held on the theme: “Digital Assets Regulation in Ghana: Navigating Opportunities and Risks.”
Ghana’s Virtual Asset Service Providers Act, 2025 (Act 1154), establishes a legal framework for the licensing, registration and supervision of digital asset businesses by the Bank of Ghana (BOG) and the Securities and Exchange Commission (SEC).
The Act brings cryptocurrency trading platforms, exchanges and wallet custodians under formal regulatory oversight.
Mr Dadzie-Yorke described the legislation as a positive step because it provided a framework for regulating the digital asset ecosystem and safeguarding the financial system.
He said available statistics indicated that about three million Ghanaians were involved in cryptocurrency transactions, underscoring the need for effective regulation to address growing activity in the sector.
Mr Dadzie-Yorke said the law would strengthen oversight and enforcement to protect consumers from scams and misleading service providers.
He urged the country to continue strengthening its legal framework to keep pace with developments in the digital assets sector.
Mr Dadzie-Yorke said the Data Protection Act should be strengthened to address issues associated with cryptocurrency fraud and protect the financial system from abuse.
He also called for capacity building within the judiciary to enhance understanding of digital financial services and virtual assets.
Mr Tahiru Alhassan, Head of the Virtual Assets Department at the Bank of Ghana, said the country was making significant progress in operationalising the Act and would engage industry stakeholders while developing implementation guidelines.
He said the guidelines would address anti-money laundering and counter-financing of terrorism measures, consumer protection, cybersecurity and technology requirements.
Mr Alhassan said the law established a dual regulatory model under which the Bank of Ghana would oversee payment systems, monetary stability and financial infrastructure, while the Securities and Exchange Commission would supervise investment-related virtual asset activities.
He urged financial institutions to strengthen risk management and control frameworks, particularly in relation to virtual asset transactions, third-party relationships and emerging financial crime risks.
Professor Virag Blazsek, Associate Professor at the University of Leeds School of Law, called on central banks to remain proactive in addressing risks associated with virtual asset transactions.
GNA
Edited by Kenneth Sackey
Reporter: Kodjo Adams