Ghana: Parliament adopted Virtual Asset Service Providers Act, 2025 including licensing requirement

On 12 December 2025, Parliament adopted the Virtual Asset Service Providers Act, 2025, which includes a licensing requirement, on third reading. The Act's date of entry into force will be announced. The Act will apply to virtual asset service providers providing such a service from or in Ghana. Virtual assets are defined as digital representations of value that can be digitally traded or used for payment, though excluding central bank digital currencies and representations of fiat currency. Section 14 establishes a licensing requirement for certain services, which are specified in the schedule. These services include virtual asset exchanges, wallet services, payment gateways, asset tokenisation, exchange-traded funds, asset management, advisory services, investment advisory services, brokerage, and borrowing services. The relevant regulatory agency for each service type is set out in the schedule. Failure to obtain a licence when required to is subject to possible penalties, including fines and imprisonment of up to 10 years. Licences are generally valid for 12 months, subject to renewal. According to Section 43, regulatory authorities can require applications for sandbox licences when a service involves innovative technology requiring supervision not currently provided for by law, or on the basis of considerations such as systemic risk, public interest, or anti-money laundering. Regulatory authorities can modify the requirements to which the holder of a sandbox licence is subject. Section 51 sets out the conditions under which regulatory authorities can waive the licensing requirement for a supervised person.