Ghana Officially Incorporates Crypto Market Regulatory Framework, 11 Institutions Lead with Compliance

The Securities and Exchange Commission (SEC) of Ghana has officially launched the Virtual Asset Service Providers Act, 2025 (VASP Act), formally incorporating the approximately $3 billion underground crypto market into the national financial regulatory system. The first batch of 11 compliant companies has been granted access, marking a crucial step for the country in promoting digital asset legalization and financial inclusion.

Among the approved companies, five exchanges—Hyro Exchange, Hanypay, HSB Global, Koinkoin, and WhiteBit—are taking the lead in accepting real-time regulatory review, becoming pioneers in market-compliant operations. Meanwhile, three technology companies—Vaulta, XChain, and Bsystem Ltd—are developing fractional ownership solutions for digital assets, aiming to lower investment thresholds and enhance asset liquidity. Africoin, Blu Penguin, and GoldBod are focusing on innovation in tokenized assets, digital payment systems, and security infrastructure, exploring in-depth applications for localized financial scenarios.

The regulatory framework adopts a dual-track design: crypto trading platforms and investment services are directly regulated by the Securities and Exchange Commission, while payment and custody-related businesses fall under the jurisdiction of the Bank of Ghana. The central bank has also established an exclusive regulatory sandbox, allowing companies that meet risk control and compliance standards to conduct six-month pilot programs, after which they can apply for formal operating licenses. This move aims to guide innovation and risk control in parallel, gradually achieving deep integration between crypto companies and traditional financial systems. Data shows that from July 2024 to June 2025, the total value of crypto transactions in sub-Saharan Africa reached $205 billion. According to Blockchain.com statistics, user activity in Ghana increased by 140% year-on-year before the new regulations were implemented, reflecting strong public demand. By legalizing the underground market, Ghana is expected to significantly increase tax revenue and strengthen investor protection mechanisms. The Securities and Exchange Commission of Ghana stated: "This framework aims to build public trust, stimulate technological innovation, while ensuring consumer rights and safety, and aligning with international regulatory standards." As a pioneer in Africa's digital financial transformation, Ghana is using institutional construction to transform the booming crypto wave into sustainable national economic momentum.