BoG Governor calls for trust-based regulation of virtual assets to protect financial stability
The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has called for a balanced regulatory approach to virtual assets, stressing the need to promote innovation while protecting monetary and financial stability and maintaining confidence in the Ghana cedi.
He said the growth of digital financial services and virtual assets must be supported by a regulatory framework that protects consumers and investors without unnecessarily restricting innovation.
Dr Asiama made the remarks at the African Virtual Assets Summit (AVAS) 2026 on Monday, November 2.
He stressed that regulating the virtual asset sector did not require an overly restrictive approach, noting that activities within the industry carried different levels of risk and should be regulated according to their nature, scale and complexity.
“This does not call for heavy-handed regulation at all. Not all virtual asset activities present the same risk, and our approach must reflect their nature, their scale and complexity,” he said.
According to the Governor, building trust in the sector was essential to ensuring that innovation could thrive without exposing consumers, investors and the wider financial system to unnecessary risks.
He identified consumer and investor protection, the safeguarding of customer assets, financial integrity and sound connections with the traditional financial system as key elements required to build confidence in the virtual asset industry.
“Trust is not the opposite of innovation; it is what allows innovation to grow. And it is earned through the way innovation is governed and operated,” he stated.
Dr Asiama said Ghana had taken an important step towards regulating the sector with the passage of the Virtual Asset Service Providers Act, 2025 (Act 1154).
The legislation establishes a dedicated legal framework for virtual asset activities and provides for coordinated regulation by the Bank of Ghana and the Securities and Exchange Commission (SEC).
He, however, cautioned that the passage of the law was only the beginning of the regulatory process, emphasising that its effectiveness would depend on how it was implemented and enforced.
“The real test will be translating this law into a credible and enforceable framework that gives responsible firms and investors the certainty they need to build and to invest with confidence,” he said.
The Governor said effective implementation would be important in positioning Ghana as a trusted destination for responsible innovation in the virtual asset industry.
He reiterated the need to ensure that developments in the digital economy complement rather than weaken the country's financial system, adding that public confidence and appropriate safeguards must remain central to the adoption of emerging financial technologies.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
KioskNews shows a cleaned-up reading view extracted from the publisher’s page — the original always lives on their site, not ours.