Bank of Ghana to Regulate Cryptocurrency by September 2025

The Bank of Ghana (BoG) has announced plans to regulate the cryptocurrency sector by September 2025, marking a major shift from its cautious stance in 2018. Governor Dr. Johnson Asiama revealed that the central bank intends to establish a dedicated digital asset department to oversee the sector once the Virtual Asset Providers Act is passed. This act will empower the BoG to license and regulate crypto platforms and participants.

The upcoming regulations will focus on consumer protection, anti-money laundering (AML), and combating the financing of terrorism (CFT). Virtual Asset Service Providers (VASPs) will be required to implement robust know-your-customer (KYC) measures, conduct due diligence, and comply with international standards like the Financial Action Task Force’s (FATF) Travel Rule.

This move reflects Ghana’s recognition of the growing role of blockchain technology and digital assets in the financial ecosystem. It also aligns Ghana with other African countries such as Nigeria, South Africa, and Kenya, which are setting up regulatory frameworks for cryptocurrencies. 

The shift from the BoG’s 2018 position signals a proactive approach to embracing innovation while ensuring financial stability and protecting consumers. Industry stakeholders are optimistic that clear regulations will foster growth and innovation within Ghana’s crypto sector.

Thanks for reading and please research on CheckDot 🤝