The Bank of Ghana has directed all operators in the cryptocurrency and virtual asset space—both local and foreign—to register with the central bank. This new move is aimed at maintaining financial stability, protecting users, and promoting responsible innovation in the digital finance sector.
In a public notice signed by the Secretary to the Bank, Ms Sandra Thompson, the apex bank stated that the directive is in line with its constitutional duty to ensure a safe financial system for everyone in Ghana. She explained that all Virtual Asset Service Providers, known as VASPs, must fill out an official registration form provided by the Bank.
According to Ms Thompson, the Bank is not only interested in supervising the activities of VASPs but also wants to gather enough data to guide future laws and policies that will regulate the growing digital financial sector. “Pursuant to its mandate of maintaining financial stability and consistent with its ongoing efforts to promote integrity, innovation and consumer protection in the digital financial ecosystem, the Bank of Ghana requires all Virtual Asset Service Providers operating within the jurisdiction of the Republic of Ghana to register,” the statement read.
The registration is open to all kinds of operators. This includes companies based in Ghana and foreign digital platforms offering services to residents of Ghana. It also covers a wide range of services in the virtual asset space, such as:
- Crypto exchanges (where users can buy or sell digital coins like Bitcoin or Ethereum)
- Wallet services that hold crypto for users
- Platforms that allow sending or receiving crypto (including payment processors and settlements)
- Providers of new digital coins through Initial Coin Offerings (ICOs) and stablecoins
The Bank made it clear that this is not a licensing exercise. For now, it is only a registration step. That means if a company registers, it doesn’t mean it has received a licence or approval to operate fully. Ms Thompson said, “Registration does not constitute a licence to operate, nor does it imply legal recognition or approval.”
She added that companies that fail to comply with the directive may face strict penalties. These may include being blocked from getting licences in future or other forms of regulatory action.
Operators are required to register through an online form made available by the central bank. The form can be accessed through this link: https://forms.office.com/r/XqthpEkhkQ
For technical support or questions, companies are advised to contact the central bank directly at vasp@bog.gov.gh.
The Bank of Ghana said more instructions and guidelines will be released later, depending on the information gathered from this first round of registration.
This decision by Ghana’s central bank follows a global trend where many countries are taking stronger steps to regulate cryptocurrencies and virtual assets. Financial experts say this is because of rising concerns about money laundering, terrorism financing, fraud, and the potential for digital currencies to shake up existing financial systems.
In recent years, digital currencies like Bitcoin, Ethereum, and stablecoins have grown popular across Africa, including in Ghana and Nigeria. Millions of young people now trade and invest in crypto assets. But due to lack of clear regulations, many have also fallen victim to online scams or fraud through unregistered platforms.
Some African countries, like Nigeria, have placed restrictions on cryptocurrency transactions through commercial banks, while others are embracing digital currencies but introducing tighter rules. In Ghana’s case, the central bank is taking a more balanced approach by registering operators first before drafting final laws.
Stakeholders in Ghana’s fintech and crypto space have welcomed the move but are also urging the government to ensure that future regulations do not stifle innovation or discourage investment.
Meanwhile, some users say they are waiting for clearer guidance on which platforms are trustworthy and properly regulated.
Experts believe this registration will help the Bank of Ghana better understand how many virtual asset operators are active in the country, how much money passes through the system, and what kind of risks or gaps may exist.
As the digital finance world continues to evolve, many are looking to see how Ghana’s new policy will shape the future of crypto in West Africa.
