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The Central Bank of Ghana has officially ordered all cryptocurrency service providers in the country to register by August 15, 2025. This move by the Bank of Ghana (BoG) aims to provide regulatory control over the expanding digital asset landscape amid a surge in local crypto usage.
The registration requirement applies to foreign and domestic virtual asset service providers (VASPs) who provide services to Ghanaian customers. This includes platforms enabling crypto exchanges, digital wallets, asset custody, and the issuance or sale of tokens and stablecoins. Although this is not the same as getting a fully-fledged license, firms that fail to comply risk penalties or being blacklisted in future licensing programs.
According to authorities, the use of cryptocurrencies in Ghana has increased substantially. More than three million Ghanaians, or approximately 17% of the adult population, have engaged in crypto transactions over the past year. Between July 2023 and June 2024, the country experienced a cryptocurrency trade of $3 billion. This value compares to the $125 billion of the entire sub-Saharan Africa region over the same period.
The Bank of Ghana’s regulatory move aligns with broader efforts to strengthen financial transparency, reduce crime, and improve tax collection. Governor Johnson Asiama argued that the increase in unregistered crypto transactions would make it even more challenging to implement monetary policies due to the cedi's recent volatility. The cedi's value increased by more than 40% against the U.S. dollar in 2025, following a 20% decline in the previous year.
Non-regulatory cryptocurrency movements pose a threat to the country's ability to monitor the economy and regulate inflation. A high proportion of transactions are not registered in official financial records, reducing the effectiveness of currency and capital controls. Asiama asserts that regulating digital platforms will assist authorities in monitoring and collecting data, thereby supporting the cedi’s resilience.
BoG also plans to extend the registration process with a comprehensive licensing regime. The framework, which is due to be presented to parliament by September 2025, will define operational standards for VASPs and incorporate Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. The goal is to support innovation while limiting exposure to illicit finance and unregulated investment risks.
Other state agencies are also being used to coordinate the regulatory initiative. The Securities and Exchange Commission will regulate crypto asset managers and trading venues, and the Ghana Revenue Authority will provide tax guidance on digital asset transfers. The Economic and Organised Crime Office is also establishing a unit to monitor crypto-related crime.
Moreover, the government of Ghana is considering digital finance infrastructure that has been implemented in other countries. This includes a possible interest in RippleNet to enhance cross-border payments and integrate real-time settlement into the e-Cedi ecosystem.
