Quick Answer
Cryptocurrency is unregulated, with new regulations expected by September 2025.
- Currently, crypto is not licensed or recognized as legal tender.
- The Bank of Ghana and SEC will soon regulate crypto providers.
Legal Status of Crypto in Ghana
Cryptocurrency in Ghana currently operates in a legal gray area. While not explicitly illegal, it is not recognized as legal tender and falls outside the scope of existing financial laws, such as the Payments System Act. This unregulated status exists because authorities like the Bank of Ghana and the Securities and Exchange Commission (SEC) have not yet established a formal framework, though they have issued public warnings about the risks. New regulations are now being developed to license Virtual Asset Service Providers (VASPs) and bring the sector under joint oversight, which will formalize its use in the country.
Current Regulations
Currently, Ghana lacks a formal regulatory framework for cryptocurrencies, as authorities have clarified that digital currencies are not licensed or considered legal tender. This means crypto exchanges operate without official oversight, leaving investors without the protections of Ghanaian securities law. However, this is set to change, as the Bank of Ghana plans to introduce a new framework to license and oversee these platforms, with legislation expected by September 2025.
Regulatory Authorities
The upcoming regulatory framework will be enforced through the coordinated efforts of several key governmental bodies.
- Bank of Ghana (BoG):As the central bank, the BoG is leading the initiative to regulate digital assets by developing a new framework to license and supervise Virtual Asset Service Providers (VASPs). Its goals include improving financial data collection and managing the local currency amid rising crypto adoption.
- Securities and Exchange Commission (SEC):The SEC will have joint oversight with the BoG, regulating activities related to digital currencies, tokens, and blockchain platforms. Historically, the commission's role was limited to issuing public warnings about the risks of unregulated crypto investments.
- Ghana Revenue Authority (GRA):This authority will manage the tax implications of crypto, with the power to require platforms to report user income and transactions. As a result, individuals and businesses may face new tax obligations on crypto-related gains.
Historical Context
Ghana's regulatory approach to crypto has evolved from caution to active development. In 2018, the Bank of Ghana first clarified that digital currencies were unlicensed under the Payments System Act, creating a period of legal ambiguity. This was followed by a 2019 public warning from the Securities and Exchange Commission, which stated crypto was not legal tender and investors lacked protection. The most significant policy shift is now underway, as widespread adoption has prompted authorities to move toward formal regulation. A new licensing framework is expected by September 2025 to legitimize and oversee the burgeoning market.
Compliance Requirements for Businesses in Ghana
As Ghana moves toward formal regulation, businesses must prepare for a structured compliance landscape based on the Bank of Ghana's draft guidelines. The upcoming Virtual Asset Service Provider (VASP) law will introduce several mandatory procedures to enhance transparency and protect consumers. Key requirements include:
- Anti-Money Laundering (AML) Compliance: VASPs must implement robust AML checks to align with international standards from the Financial Action Task Force (FATF). These obligations will be formalized under the new VASP law to protect the financial system.
- Know Your Customer (KYC) Procedures: While not explicitly detailed, KYC protocols are an implied part of AML compliance. VASPs will need to verify customer identities to prevent fraud and money laundering.
- Mandatory Registration and Licensing: All crypto service providers will be required to register with the Bank of Ghana and obtain a license to operate legally.
- Internal Controls and Reporting: Businesses must establish strict internal control systems and adhere to extensive reporting requirements under the joint oversight of the Bank of Ghana and the Securities and Exchange Commission (SEC).
- Tax Compliance: The Ghana Revenue Authority (GRA) is expected to mandate that crypto platforms report user income and transactions for tax purposes.
Why this matters for Cross-Border Payments
For businesses managing transactions between Ghana and India, these regulations formalize crypto as a legitimate channel for cross-border payments, which could enhance security for trade and remittances. However, this shift also introduces significant operational hurdles, as companies must now navigate mandatory AML/KYC checks and licensing requirements that may slow down previously rapid transfers. The introduction of tax reporting obligations adds another layer of complexity and cost, creating new pain points for firms that relied on the speed of the unregulated market.
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As Ghana formalizes its VASP laws, Lightspark facilitates compliance for regulated institutions. It offers tools like audit-ready reporting, flexible key management, and built-in integrations for requirements like the travel rule and OFAC screening. These features allow businesses to leverage Lightspark’s advanced payment technology to streamline operations while adhering to their own stringent AML and KYC obligations under the new framework.
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Notice: This article is provided for informational purposes only and does not constitute legal advice.
FAQs
Can I be arrested for buying Bitcoin in Ghana?
While buying Bitcoin is not currently illegal, it operates in an unregulated market, meaning you have no legal protection if you lose your funds. The upcoming regulations aim to formalize the ecosystem, but for now, individuals trade at their own risk.
Do I have to pay taxes on crypto gains in Ghana right now?
Ghana does not yet have specific tax laws for cryptocurrency gains, creating a temporary gray area for investors. However, the Ghana Revenue Authority will be part of the new regulatory framework, so individuals should prepare for future tax obligations on their crypto profits.
Can I use cryptocurrency to pay for goods and services in Ghana?
Since cryptocurrency is not recognized as legal tender, businesses are not obligated to accept it as a form of payment. Any transactions made using crypto are considered private agreements between the parties involved and lack formal regulatory protection.
Sources
- Bank of Ghana. “Digital and Virtual Currencies Operations in Ghana.” Bank of Ghana, n.d., www.bog.gov.gh/notice/digital-and-virtual-currencies-operations-in-ghana/.
- Bank of Ghana. “Notice to Banks and Specialized Deposit-Taking Institutions (SDIs) and the General Public Notice No. BG/GOV/SEC/2018/02 Digital and Virtual Currencies Operations in Ghana.” Bank of Ghana, 22 Jan. 2018, www.bog.gov.gh/wp-content/uploads/2019/07/Digital-and-Virtual-Currencies-Operations-in-Ghana.pdf. PDF document.
- Bentsi-Enchill, Letsa & Ankomah. “Bank of Ghana to Commence Regulation of Cryptocurrency in September 2025.” Bentsi-Enchill, Letsa & Ankomah, n.d., bentsienchill.com/bank-of-ghana-to-commence-regulation-of-cryptocurrency-in-september-2025/.
- Perez, Oscar Zarraga. “Ghana to License Bitcoin & Crypto Platforms Amid Rising Adoption Across Africa.” Nasdaq, 24 July 2025, www.nasdaq.com/articles/ghana-license-bitcoin-crypto-platforms-amid-rising-adoption-across-africa.
- Securities and Exchange Commission of Ghana. “Public Warning on Investment and Trading in Crypto-Currencies and Their Digital Platforms.” Securities and Exchange Commission of Ghana, 29 Mar. 2019, sec.gov.gh/wp-content/uploads/Public-Notices/Public_Notice_Cryptocurrency_Regulatory_Warning.pdf. PDF document.
- Stolp, Jen, et al. “Blockchain and Cryptocurrency in Africa: A Comparative Summary of the Reception and Regulation of Blockchain and Cryptocurrency in Africa.” Baker McKenzie, Jan. 2019, www.bakermckenzie.com/-/media/files/insight/publications/2019/02/report_blockchainandcryptocurrencyreg_feb2019.pdf. PDF document.