Bank of Ghana has announced that it has completed drafting the Virtual Asset Service Providers (VASP) Bill, which is currently going through the various processes to get to Parliament for consideration and passage.
In a statement signed by the head of Fintech and Innovation at BoG, the central bank said it worked in close collaboration with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC) to draft the VASP Bill.
It said “The draft has undergone extensive review by industry groups, relevant state institutions, and international development partners, and is now progressing through the processes leading to consideration by Parliament.”
As part of this process, the Bank said it conducted a mandatory registration exercise for all virtual asset service providers in July this year, which provided the updated baseline information on virtual asset activities in Ghana, offering valuable insights to guide the design of a regulatory framework that is both market-relevant and fit for purpose.
Looking ahead, the Bank said it has adopted a structured roadmap to guide the phased implementation of the framework and the operationalisation of the forthcoming VASP Act.
Immediate priorities, it said, include continued consultations with the Executive Arm of Government, the Legislature and other stakeholders on the Draft Bill, the launch of a dedicated online portal to serve as a central source of information and compliance support for VASPs, nationwide awareness and engagement activities with industry and the public, and preparatory measures to ensure a smooth rollout of the Act.
Indeed, at the last Monetary Policy Committee Press Conference, the Governor of the Central Bank, Dr. John Pandit Asiama hinted of the completion of the draft Bill and said it was at cabinet, while plans were afoot to sensitive the Attorney-General’s department on the provisions of the Bill.
“The Bank of Ghana remains committed to fostering a safe, transparent, and innovative virtual asset ecosystem that protects users, encourages responsible innovation, and safeguards the integrity of the financial system,” the statement said.
