Crypto Enthusiasm Grows as BoG Makes Strategic Move, Say Industry Leaders

The Bank of Ghana (BoG) is charting a new course in the digital finance landscape with plans to introduce a regulatory framework for Virtual Asset Service Providers (VASPs) and cryptocurrencies by September 2025. This landmark move signals a major shift from its previously cautious stance, drawing significant attention and support from industry stakeholders eager to see digital assets integrated into the formal financial system.

Speaking with Graphic Business, BoG Governor Dr. Johnson Asiama confirmed that the regulatory framework is in its final stages, pending the completion of internal assessments and consultations with key stakeholders. He emphasized the central bank’s commitment to building a system that encourages innovation while safeguarding the stability and integrity of Ghana’s financial infrastructure.

“Virtual assets, when managed responsibly, present immense opportunities—from expanding access to financial services to enabling faster, more efficient cross-border transactions,” Dr. Asiama stated. “However, we are equally focused on implementing measures that will protect consumers and reduce financial risks.”

The decision comes years after the BoG first issued a public warning in 2018 cautioning citizens about the risks of cryptocurrency due to the lack of legal oversight. That stance began to soften in subsequent years, particularly after the central bank began seeking public and expert input on how best to regulate the emerging sector.

Since then, global players such as Binance, the world’s largest cryptocurrency exchange, have expressed their willingness to support Ghana in shaping comprehensive and effective crypto regulations.

Locally, the move has been met with widespread approval. Martin Kwame Awagah, President of the Ghana FinTech and Payments Association (GFPA), hailed the BoG’s initiative as a timely and necessary response to the sector’s rapid expansion.

“This regulatory effort is crucial,” Awagah said. “It will create legal clarity, help reduce fraudulent activities, and attract investment into a sector that has, until now, operated in a legal grey area.”

Awagah also stressed the importance of striking the right regulatory balance. He warned that overly rigid frameworks could push crypto activity underground or stifle innovation, as seen in countries like Nigeria, where a 2021 crypto ban led to a dramatic drop in peer-to-peer trading volumes before policy adjustments were made.

“We advocate for a model that supports innovation—sandbox testing, tiered licensing based on risk levels, and proportionate AML [anti-money laundering] measures,” he added.

Gillian Darko, Chief of Staff and Director of Strategy at African crypto exchange Yellow Card, echoed similar sentiments. She noted that her company had long anticipated regulatory changes and had already aligned its operations with international compliance standards.

“For Ghana to fully reap the benefits of digital finance, the framework must be inclusive and foster collaboration,” she said. “Regulations should not only protect consumers but also empower fintech innovators.”

However, some experts urge caution. Professor John Gatsi, Dean of the Business School at the University of Cape Coast, called for a thorough feasibility study before the rollout of any regulatory framework. As participation in crypto grows—particularly among the youth and middle class—he warned of vulnerabilities in the absence of strong oversight.

“Without proper regulation, risks such as financial crime and erosion of public trust could become serious issues,” Prof. Gatsi said. “Understanding the ecosystem and its potential risks is just as important as the timeline for implementation.”

He emphasized that effective regulation could foster greater public confidence, encourage broader economic participation, and bring informal digital asset activities into the mainstream financial system.

Globally, the rise in cryptocurrency adoption has been staggering. Data from Triple A Technologies shows over 562 million users worldwide in 2024, with Africa leading in peer-to-peer transaction volumes. In Ghana alone, over 1.2 million people engage in crypto-related activities, driven by remittance needs, savings, and cross-border trade.

With the BoG’s framework on the horizon, Ghana appears poised to join the ranks of nations embracing a more structured, opportunity-focused approach to cryptocurrency.