Ghana: Parliament adopted Virtual Asset Service Providers Act, 2025 including consumer protection authority governance

On 12 December 2025, Parliament adopted the Virtual Asset Service Providers Act, 2025, which includes consumer protection authority governance, 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. The responsible regulatory authorities under the Act are the Bank of Ghana and the Securities and Exchange Commission. Each authority is responsible for a set of services, which are further specified in the Act's schedule. The regulatory authorities must follow a risk-based supervisory approach. To this end, Section 4 provides them with powers to investigate possible breaches by virtual asset service providers. The Act grants authorities a number of enforcement powers against providers found to be in contravention of the Act, including cease-and-desist orders, monetary penalties, closing down the provider's business, and licence revocation. When a licence is revoked, the authorities must appoint receivers to liquidate the provider. Finally, the authorities are able to issue orders and guidelines on issues to ensure the implementation of the Act, including prescribing limits on material risk exposures, cybersecurity requirements, and notification requirements.