BTA2023 Ghana’s securities regulator has signalled a firm stance on digital asset oversight, declaring that innovation in virtual assets will not be allowed to undermine the country’s financial integrity.
The warning was delivered at the inaugural Ghana Virtual Assets and Financial Services Symposium in Accra, organised by the Chamber of Digital Assets Ghana under the theme “From Trust to Transparency: Building Ghana’s Regulated Digital Asset Future.”
Speaking at the event, Deputy Director-General (Finance) of the Securities and Exchange Commission Ghana (SEC), Mr Mensah Thompson, underscored the regulator’s commitment to building a transparent and globally compliant digital asset ecosystem.
Regulation as Foundation, Not Obstacle
Mr Thompson acknowledged improvements in Ghana’s macroeconomic environment — including declining inflation and strengthening financial stability — but cautioned that rapid expansion in virtual asset activity could pose systemic risks if not properly supervised.
“Virtual assets are no longer theoretical concepts. They are active. They are evolving. And they are influencing our financial ecosystem,” he said.
He described the passage of the Virtual Asset Service Providers Act, 2025 as a landmark step, providing Ghana with a formal legal framework to regulate virtual asset service providers for the first time.
“Regulatory clarity is not an obstacle to growth. It is the foundation of sustainable growth,” he stated.
However, he emphasised that legislation alone is insufficient. Effective regulation, he noted, depends on detailed frameworks, supervisory tools and enforcement mechanisms.
Sandbox, Licensing and Compliance Frameworks
The SEC is currently finalising a Regulatory Sandbox framework and additional directives to operationalise the Act. These instruments will outline:
- Licensing requirements
- Governance standards
- Operational controls
- Reporting obligations
- Supervisory oversight mechanisms
A central focus of the framework will be financial integrity and adherence to global anti-money laundering (AML) and counter-terrorism financing (CFT) standards.
Mr Thompson disclosed that the SEC is working closely with the Bank of Ghana and the Financial Intelligence Centre to strengthen customer due diligence, transaction monitoring and reporting systems.
He highlighted implementation of the Financial Action Task Force (FATF) Travel Rule as critical to safeguarding Ghana’s standing in the international financial system.
“Ghana will not become a weak link in the global financial architecture,” he declared. “Innovation must not create avenues for illicit finance. It must operate within a framework of transparency and accountability.”
Building Market Confidence Through Literacy
Beyond enforcement and compliance, the SEC is collaborating with the Bank of Ghana to roll out a National Virtual Asset Literacy Programme. The initiative aims to build capacity among retail investors, financial institutions and regulatory bodies.
“An informed market is a resilient market. An informed investor is a protected investor,” Mr Thompson said.
He reiterated that the Commission’s objective is not to stifle innovation but to ensure that virtual asset development occurs within a structured and well-supervised ecosystem.
“The future of finance is evolving — and Ghana is not standing still,” he concluded, expressing confidence that cooperation between regulators and industry stakeholders would enable Ghana to build a digital asset market that commands both domestic trust and international credibility.
