Conducting Virtual Asset Activities Now Requires Licensing- BoG
The Bank of Ghana is preparing to enforce the Virtual Asset Service Providers (VASPs) Bill following its passage by Parliament.
The coming into force of the law establishes a framework for regulating virtual assets and Virtual Asset Service Providers.
This means that persons and entities conducting virtual asset activities will need licensing or registration from either the Bank of Ghana or the Securities and Exchange Commission (SEC), depending on the activity.
“The Act’s effective date will be announced soon,” BoG said in a statement.
The Bank and SEC intend to issue directives and regulatory instruments in the coming months to operationalise the Act, providing guidance for applicants and clarifying requirements.
“The Bank of Ghana and SEC reaffirm their commitment to a safe, transparent, and innovative virtual asset ecosystem, protecting users and safeguarding the financial system.”
Story by Hajara Fuseini
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