The Bank of Ghana (BoG) has inaugurated a Virtual Assets Coordinating Committee (VACC) as part of efforts to implement the Virtual Asset Service Providers Act, 2025 (Act 1154), and strengthen oversight of the country’s rapidly growing virtual assets ecosystem.
Speaking at the inauguration ceremony in Accra, Governor Dr. Johnson Pandit Asiama said the establishment of the committee marks a critical step in Ghana’s transition from legislation to a fully coordinated regulatory framework for virtual assets.
According to the Governor, the need for regulation became apparent following Ghana’s 2024 National Anti-Money Laundering, Counter Financing of Terrorism and Proliferation Financing (AML/CFT/PF) Risk Assessment, which revealed significant adoption of virtual assets and increasing links between the sector and the formal financial system.
“Fast forward, we now have Act 1154 before us,” Dr. Asiama said, noting that operational guidelines are currently being developed by the Bank of Ghana and the Securities and Exchange Commission (SEC), alongside policy sandboxes, to fully operationalise the law by 2027.
Under the Act, the VACC brings together representatives from the Bank of Ghana, the SEC, Ministry of Finance, Cyber Security Authority and the Financial Intelligence Centre. The legislation also permits the committee to co-opt other institutions when necessary.
Dr. Asiama said the committee reflects the increasingly complex nature of virtual assets, which require close coordination among domestic regulators as well as collaboration with international counterparts.
The Governor disclosed that the committee’s chairmanship will rotate between the Bank of Ghana and the SEC every two years, with the central bank assuming the inaugural chairmanship.
He stressed that financial stability considerations would remain central to the committee’s work, given the growing relevance of virtual assets to the broader financial sector.
“The inauguration of the Virtual Assets Coordinating Committee is therefore critical to the effective implementation of the Virtual Asset Service Providers Act, 2025, as it will provide the statutory platform for coordinated regulatory and supervisory actions among the relevant institutions,” he stated.
The committee is expected to facilitate harmonised implementation of the law and related regulations, strengthen information sharing among agencies, and coordinate responses to emerging risks in the virtual assets sector.
Dr. Asiama said the body would also enhance Ghana’s capacity to tackle money laundering, terrorist financing, cybersecurity threats and consumer protection concerns associated with digital assets.
He commended the Bank of Ghana’s Virtual Assets Department, the SEC, the Ministry of Finance, the Cyber Security Authority and the Financial Intelligence Centre for their collaboration in reaching what he described as an important milestone.
The Governor urged committee members to approach their mandate with urgency, citing the rapid pace of global developments in digital finance and virtual assets.
“Effective coordination, timely information sharing, and a shared commitment to safeguarding the integrity of our financial system will be essential if we are to build a virtual asset ecosystem that is safe, well-regulated, and supportive of innovation and inclusion,” he said.
He expressed confidence that the VACC would provide the strategic leadership necessary to protect consumers, safeguard financial stability and support the responsible growth of Ghana’s virtual asset industry.
The inauguration of the committee comes as Ghana steps up efforts to establish a comprehensive regulatory framework for virtual asset service providers, balancing innovation in digital finance with risk management and financial system integrity.
Source: businesspostonline
