Ghana has taken a major step toward fully regulating its expanding digital currency ecosystem, as Parliament on Thursday, December 11, 2025, passed the Virtual Asset Service Providers Bill, 2025—marking a decisive move toward establishing a comprehensive legal framework for the virtual asset industry.
Introduced by the Minister for Finance, Dr. Cassiel Ato Baah Forson, and referred to the Finance Committee for consideration and subsequent report to the plenary, the new legislation will primarily create a robust regulatory and supervisory regime to ensure financial integrity, consumer protection, and transparency in Ghana’s digital asset market.
It aims to license and monitor all Virtual Asset Service Providers (VASPs) including crypto exchanges, wallet custodians, and blockchain-based platforms.
Following the second reading, Members of Parliament debated the object and key pillars of the proposed bill.
During the debate, Deputy Minister for Finance, Thomas Ampem Nyarko, emphasized the urgency of formalizing Ghana’s digital currency landscape.
He reiterated that the core objective of the legislation is to regulate virtual asset services in order to:
Prevent money laundering, terrorism financing, and illicit financial flows
Enhance consumer protection and market transparency
Provide clear licensing, operational, and reporting standards for VASPs
Bolster financial stability while enabling responsible innovation
Mr. Ampem Nyarko noted that virtual asset activities in Ghana have grown substantially without a specific statutory framework, underscoring the need to “act now to protect the financial system while creating room for innovation.”
Bipartisan consensus on urgency
Debate from both the Majority and Minority sides leading to the passage reflected a rare bipartisan alignment on the necessity of the Bill. MPs argued that the increasing use of digital currencies, crypto-based investments, and blockchain-driven payment systems, especially among the youth made regulation indispensable to protect citizens and the economy.
Lawmakers highlighted how fraud risks, loss of funds, speculative schemes, and lack of legal accountability have plagued unregulated virtual asset transactions.
The new law, they said, would introduce order, strengthen enforcement, and position Ghana as a responsible player in the global digital finance ecosystem.
The passage of the Bill driven by strong support from both sides of the House signals Parliament’s recognition of the urgency in instituting a formal regulatory environment for Ghana’s emerging digital currency sector.
President John Dramani Mahama is expected to assent it into law immediately Parliament transmit it to the presidency.
By: Christian Kpesese
