Parliament passes Virtual Asset Service Providers Bill

The Bank of Ghana has announced that Parliament has passed the Virtual Asset Service Providers (VASPs) Bill, establishing a legal framework for regulating virtual assets and the operations of Virtual Asset Service Providers.

The effective date of the Act will be announced in due course.

This statement was issued by the Communications Department,under the new legislation, individuals and entities engaging in virtual asset activities will be required to obtain a license or register with either the Bank of Ghana or the Securities and Exchange Commission (SEC), depending on the nature of their activities.

In the coming months, both the Bank of Ghana and SEC will issue directives and regulatory instruments to operationalise the Act. These will provide guidance to applicants and clarify the requirements for compliance.

The Bank of Ghana and SEC emphasized their commitment to fostering a safe, transparent, and innovative virtual asset ecosystem that protects users while safeguarding the financial system.