Bank of Ghana Mandates Registration of All Cryptocurrencies in Fresh Compliance Push

The Bank of Ghana (BoG) has issued a directive mandating that all cryptocurrencies, legally referenced as Virtual Asset Service Providers (VASPs) to register in the country by August 15, 2025.

The directive applies to all entities, whether operating physically or online, that offer services related to virtual assets to residents in Ghana. These include exchanges, wallet providers, custodians, and platforms handling asset issuance, transfers, or settlements.

BOG said the registration does not mandate licensing of the businesses, terming the move as an overanching regulatory framework tailored to the evolving digital asset ecosystem.

The move aims to safeguard financial stability, protect consumers, and responsibly promote innovation.

However, registration alone does not confer legal recognition or the right to operate under Ghanaian law—noncompliance, on the other hand, may attract sanctions or bar future licensing.

While Ghana seeks a measured, inclusive approach to policy development, Kenya’s regulatory journey has raised alarms over potential bias and industry capture.

Also Read: Kenya Introduces Bill Seeking Cryptos to Disclose Owners

Kenya’s Virtual Asset Service Providers (VASP) Bill exposed growing tensions between local start-ups and well-connected lobby groups.

Stakeholders in the East African nation opine that inclusion of the Virtual Asset Chamber of Commerce (VACC) on the proposed board of the new Virtual Assets Regulatory Authority (VARA) is inclined to favour a few players.

Critics allege that VACC—seen by some as aligned with Binance—is positioning itself to dominate rule-making, creating an uneven playing field under the form of reform.

Start-ups argue that VACC’s close ties to Binance and its prior private consulting role raise questions about transparency and representativeness. A confidential agreement reportedly linking VACC and Binance has raised concerns that the board’s composition could privilege global giants over local innovators.

“Binance is not the sole or exclusive member of VAC, nor does any exclusivity contract or arrangement exist. Binance has simply supported Chamber activities, just as any other interested member is welcome to support and participate in our initiatives on equal terms,” VACC Chairman Tony Olendo told The Kenyan Wall Street.

“Binance has simply supported Chamber activities, just as any other interested member is welcome to support and participate in our initiatives on equal terms,” he added.

VACC insists it represents a larger Kenyan founders and that its inclusion is a recognition of two years of proactive engagement with Parliament, regulators, and global institutions. The organization maintains that its member-elected board nominee will ensure inclusive and accountable participation.

Still, several industry voices remain cautious, pointing out similar VACC-led lobbying efforts in Rwanda, which they say tilted the regulatory agenda in favour of a few dominant players.

As Ghana rolls out its registration process to build a data-driven regulatory framework, Kenya’s experience highlights the complexities of creating fair governance structures in a sector where influence, innovation, and foreign interest intersect.