Ghana has taken a major step into the future of digital finance as President John Dramani Mahama has formally signed the Virtual Asset Service Providers (VASP) Bill into law.
The new legislation establishes a comprehensive legal and regulatory framework for the virtual assets sector, legalizing the usage, trading, and provision of services for cryptocurrencies and other digital assets within the country.
The bill’s signing follows its recent passage by Parliament after a rigorous consideration process. The announcement was made today by Acting Deputy Director-General of the Securities and Exchange Commission (SEC), Mensah Thompson, in a statement on its official Facebook page.
Under the VASP Act, all entities and individuals conducting virtual asset activities must be licensed or officially registered.
The Securities and Exchange Commission and the Bank of Ghana are named as the primary regulatory authorities overseeing the new regime.
The SEC has already announced a list of virtual asset services that will require licensing.
In his statement, Mr. Thompson extended congratulations to key figures instrumental in the bill’s success.
“The SEC and the Bank of Ghana wish to congratulate His Excellency the President, the Minister for Finance, the Governor of the Central Bank, and the Director-General of the SEC for their foresight in moving Ghana an inch closer towards the next phase of global finance and inclusion,” he stated.
He also acknowledged the contributions of market operators, exchanges, and traders, and offered special thanks to the Chairman of Parliament’s Finance Committee, Hon. Isaac Adongo, for his leadership.
Thompson highlighted the “bi-partisan support” from the Minority in Parliament and praised the “incredible staff at the SEC and Bank of Ghana who worked day and night to produce this solid regulatory framework for the Country.”
The enactment of the VASP law positions Ghana as one of the pioneering African nations to adopt a formal regulatory structure for the rapidly evolving cryptocurrency and digital asset industry, aiming to foster innovation while ensuring consumer protection and financial stability.
