Parliament Passes Virtual Asset Service Providers Bill

Parliament has passed the Virtual Asset Service Providers (VASPs) Bill, marking a major step toward the regulation of virtual assets in Ghana. The passage of the Bill establishes a comprehensive legal framework for overseeing virtual asset activities and the entities that provide related services.

In a statement, the Bank of Ghana announced that the new law will require persons and entities engaged in virtual asset activities to obtain the appropriate licensing or registration. Depending on the nature of the activity, regulatory oversight will fall under either the Bank of Ghana or the Securities and Exchange Commission (SEC).

Although the Act has been passed, its effective date is yet to be announced. The Bank of Ghana and the SEC indicated that, in the coming months, they will issue detailed directives and regulatory instruments to operationalise the law. These guidelines will provide clarity on application processes, compliance obligations, and specific requirements for Virtual Asset Service Providers.

The regulators emphasized that the new framework is designed to promote innovation while ensuring transparency and accountability within the virtual asset space. It also aims to protect users and safeguard the stability and integrity of the financial system.

The Bank of Ghana and the Securities and Exchange Commission reaffirmed their joint commitment to building a safe, transparent, and innovative virtual asset ecosystem that supports responsible growth and aligns with international best practices.