Ghana Legalises Cryptocurrency Trading with Passage of Virtual Asset Service Providers Bill, 2025

Cryptocurrency trading is now officially legal in Ghana following the passage of the Virtual Asset Service Providers Bill, 2025, marking a historic moment for the nation’s financial sector.

Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, announced the development during the annual Nine Lessons, Carols and Thanksgiving Service at the Bank Square in Accra, emphasising that the new law establishes a comprehensive regulatory framework for the supervision of virtual asset activities while managing associated risks.

“Effectively, virtual asset trading is now legal, and no one is going to be arrested for doing crypto,” Dr Asiama said, adding that the framework will allow authorities to enforce oversight, ensure consumer protection, and safeguard the stability of the financial system.

The crypto law empowers the Bank of Ghana to license, supervise, and monitor all entities operating in the digital asset space.

According to Dr Asiama, the absence of prior regulation exposed users to fraud, money laundering, and systemic risks, which the new framework now seeks to address.

“This is not a free-for-all,” he stressed. “The law introduces firm rules to protect consumers while allowing innovation to thrive.”

Dr Asiama highlighted that the legalisation of cryptocurrency trading is expected to foster financial inclusion, particularly among young Ghanaians and tech-driven entrepreneurs. By formalising the sector, the country can harness the benefits of blockchain technology while curbing its potential downsides.

“The passage of this law allows us to attract credible investors and fintech firms, create jobs, and support economic diversification,” he said.

He noted that despite previous legal uncertainty, many Ghanaians, especially the youth, were already engaged in digital asset activities. The new framework now provides a transparent and accountable environment for these activities to grow safely.

Alongside the crypto law, amendments to the Bank of Ghana Act were also highlighted as key measures to strengthen institutional governance and prevent past lapses, including those witnessed during the 2022 domestic debt exchange crisis.

“The amendments we have made ensure that the kind of debilitating actions we saw in 2022 will never happen again,” Dr Asiama stated, underlining the central bank’s enhanced independence, governance, and operational safeguards.

He cautioned that while the legalisation of cryptocurrency trading represents significant progress, risks remain, particularly given the uncertainties in the global economic environment. “The progress gives us room to move, but it also calls for responsibility and vigilance,” he said.

The thanksgiving service, held under the theme “Oh, give thanks to the Lord, for He is good! For His mercy endures forever,” was attended by current and former BoG staff, heads of banks, and other financial leaders. Among those present were former Finance Minister Seth Terkper, CEO of the Ghana Association of Banks John Awuah, and senior officials of the Bank of Ghana.

The service was led by Archbishop Nicholas Duncan-Williams of Action Chapel International, who encouraged attendees to cultivate gratitude as a foundation for progress.

Dr Asiama concluded by affirming the central bank’s commitment to balancing innovation with financial stability. “These are not just legal milestones; they are enablers of better policies, stronger supervision, and more effective regulation,” he said.

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