Is Crypto Legal in Ghana?

Bank of Ghana (BoG) – Central bank; website: https://www.bog.gov.gh

Securities and Exchange Commission (SEC) Ghana – Securities regulator; website: https://sec.gov.gh

Financial Intelligence Centre (FIC) Ghana – AML/CFT supervisor; website: https://fic.gov.gh

Ghana Revenue Authority (GRA) – Tax authority; website: https://gra.gov.gh

National Communications Authority (NCA) – Could potentially oversee digital asset communications channels

Bank of Ghana Act, 2002 (Act 612) – Establishes BoG's mandate over financial stability, payment systems, and currency issuance. This is the foundational law under which the BoG has claimed authority to regulate digital assets.

Anti-Money Laundering Act, 2020 (Act 1044) – Ghana's primary AML/CFT legislation. This Act does not specifically mention virtual assets or VASPs.

Anti-Money Laundering (Amendment) Act, 2022 (Act 1080) – Amends aspects of Act 1044 but still does not explicitly define or regulate virtual assets or VASPs.

Securities Industry Act, 2016 (Act 929) – Establishes SEC Ghana's authority. Section 196 gives SEC powers over securities markets, but digital assets are not explicitly covered.

Payment Systems and Services Act, 2019 (Act 987) – Governs payment service providers, but does not address crypto-assets.

Bank of Ghana (Amendment) Act, 2022 (Act 1083) – Expands BoG's mandate to include fintech supervision but lacks specific crypto provisions.

Securities and Exchange Commission (Amendment) Act, 2022 (Act 1069) – Updates SEC's powers but does not add virtual asset provisions.

Bank of Ghana Notice on Digital Assets (August 2022) – A precautionary notice warning the public about crypto risks. It stated that "digital assets are not legal tender in Ghana and no license has been issued to any entity to operate a digital asset exchange."

Bank of Ghana Draft Guidelines on Virtual Assets (2023) – A draft document outlining proposed registration and AML/CFT obligations for VASPs. As of 2025–2026, these guidelines have NOT been finalized or enacted.

Ghana is a member of the Financial Action Task Force (FATF) as a member state (since 2023).

Ghana is a member of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) – FATF-style regional body.

Ghana underwent its FATF Second Round Mutual Evaluation in 2021–2022. The mutual evaluation report noted that Ghana has not implemented FATF Recommendation 16 (Travel Rule) for virtual assets and that Ghana's AML/CFT framework does not adequately cover VASPs.

Ghana was placed on the FATF "grey list" (increased monitoring) in 2024 due to deficiencies in AML/CFT supervision, including gaps in virtual asset regulation. The country remains on this list as of 2025–2026.

Ghana's 2019 GIABA mutual evaluation report also highlighted insufficient measures for detecting and deterring ML/TF risks posed by virtual assets.

The Bank of Ghana is the primary regulator asserting authority over digital assets through its mandate under Act 612, citing financial stability and payment system oversight. Bank of Ghana Act, 2002 (Act 612)

SEC Ghana claims jurisdiction over digital assets that meet the definition of "securities" under Act 929, though no official classification framework exists. Securities Industry Act, 2016 (Act 929)

The BoG issued a formal notice in August 2022 stating that digital assets are not legal tender in Ghana and warning that no licenses have been granted for crypto operations. Bank of Ghana Notice on Digital Assets

The BoG published draft guidelines on virtual assets in 2023, which remain in draft form and have not been ratified; these guidelines propose registration and AML/CFT obligations that would align with FATF standards. Bank of Ghana Draft Guidelines on Virtual Assets

Ghana became a FATF member in 2023, obliging it to implement all FATF recommendations, including Recommendation 16 (Travel Rule) for virtual assets. FATF Members and Observers

The FATF placed Ghana on its "grey list" in 2024, citing strategic AML/CFT deficiencies, including the absence of a comprehensive virtual asset regulatory framework. FATF Increased Monitoring – Ghana

Ghana's 2022 FATF Mutual Evaluation Report noted the country's failure to implement Recommendation 16 for virtual assets and the lack of VASP oversight. FATF Mutual Evaluation Report – Ghana

GIABA, the FATF-style regional body for West Africa, has repeatedly called on Ghana to enact specific legislation for virtual assets and implement travel-rule requirements. GIABA Ghana Membership

No entity has EVER been granted a license to operate a cryptocurrency exchange, wallet provider, or any other VASP in Ghana. The BoG has explicitly confirmed this in its public notices. Bank of Ghana Notice on Digital Assets

The BoG's draft guidelines (2023) propose a registration system rather than a full licensing regime. Under the draft, any person or entity engaged in virtual asset exchange, transfer, custody, or administration would be required to register with the BoG. Bank of Ghana Draft Guidelines on Virtual Assets

No capital requirements have been published for VASPs because the draft guidelines are not yet in force. No minimum capital figures, whether in Ghanaian cedis, USD, or EUR, have been officially announced. Bank of Ghana Draft Guidelines on Virtual Assets

The draft guidelines would require VASPs to be incorporated in Ghana and maintain a physical presence, including a registered office and compliance officer. Bank of Ghana Draft Guidelines on Virtual Assets

Application process under draft guidelines would involve submission of business plans, AML/CFT policies, corporate governance documents, and background checks on directors. No official application timeline has been published. Bank of Ghana Draft Guidelines on Virtual Assets

The draft guidelines propose a dual-regulatory approach: BoG for non-security virtual assets and SEC Ghana for security tokens. This framework has not been operationalized. Bank of Ghana Draft Guidelines on Virtual Assets

Zero entities have been licensed or registered as VASPs in Ghana since no final regulatory framework exists. Bank of Ghana Notice on Digital Assets

The BoG draft guidelines state that existing financial institutions (banks, payment service providers) must obtain separate approval before engaging in virtual asset activities, but no such approvals have been granted. Bank of Ghana Draft Guidelines on Virtual Assets

No timeline has been published for finalizing the draft VASP guidelines, and as of early 2026, the BoG had not announced a completion date for the regulatory framework. Bank of Ghana

The Anti-Money Laundering Act, 2020 (Act 1044) defines regulated institutions to include banks, financial institutions, designated non-financial businesses and professions (DNFBPs), and other businesses as specified by the Minister of Finance. VASPs are not listed in the current definition. Anti-Money Laundering Act, 2020 (Act 1044)

Customer Due Diligence (CDD) requirements apply to regulated institutions under Sections 15–19 of Act 1044, requiring identification, verification, and risk assessment of customers. These provisions would apply to VASPs only if they are formally recognized as regulated institutions. Anti-Money Laundering Act, 2020 (Act 1044)

Enhanced Due Diligence (EDD) is required under Section 20 of Act 1044 for high-risk customers, including politically exposed persons (PEPs), cross-border correspondent relationships, and situations with higher ML/TF risk. Anti-Money Laundering Act, 2020 (Act 1044)

Suspicious Transaction Reporting (STR) obligations exist under Section 25 of Act 1044, requiring regulated institutions to report suspicious transactions to the Financial Intelligence Centre within 24 hours of suspicion. Anti-Money Laundering Act, 2020 (Act 1044)

Record retention requirements under Section 27 of Act 1044 mandate that regulated institutions retain transaction records for at least 5 years and customer identification records for at least 5 years after the business relationship ends. Anti-Money Laundering Act, 2020 (Act 1044)

Beneficial ownership requirements are covered under Section 19 of Act 1044, requiring institutions to identify and verify the beneficial owner of any legal entity client. Anti-Money Laundering Act, 2020 (Act 1044)

PEP screening is mandated under Section 20(3) of Act 1044, requiring specific scrutiny of transactions involving domestic or foreign PEPs and family members or close associates. Anti-Money Laundering Act, 2020 (Act 1044)

The FIC has not issued any specific guidance on AML/CFT obligations for VASPs, since no VASP regulation is in effect. Financial Intelligence Centre Ghana

The 2022 FATF Mutual Evaluation Report for Ghana found that the country's AML/CFT framework has "limited coverage" of virtual assets and that VASPs have no AML/CFT obligations in practice. FATF Mutual Evaluation Report – Ghana

The draft BoG VASP guidelines propose that registered VASPs would be subject to the full CDD, EDD, STR, record-keeping, and beneficial ownership provisions of Act 1044. Bank of Ghana Draft Guidelines on Virtual Assets

The draft guidelines also propose a travel-rule requirement aligning with FATF Recommendation 16: VASPs would need to collect, verify, and transmit originator and beneficiary information for virtual asset transfers above a proposed threshold. The threshold amount was set at USD/EUR 1,000 in the draft, but this has not been legally finalized. Bank of Ghana Draft Guidelines on Virtual Assets

The Financial Intelligence Centre Act, 2019 (Act 1061) establishes the FIC and its supervisory mandate, but FIC has not extended supervision to VASPs. Financial Intelligence Centre Act, 2019 (Act 1061)

In August 2022, the Bank of Ghana issued a public warning that digital assets are not legal tender and that operating without BoG authorization is illegal. This warning was directed at cryptocurrency exchanges and peer-to-peer platforms operating in Ghana. Bank of Ghana Notice on Digital Assets

In 2023, the BoG directed commercial banks to identify and terminate relationships with cryptocurrency exchanges operating without authorization. Several unnamed banks were instructed to close accounts used for crypto trading. Bank of Ghana

Ghana's Economic and Organised Crime Office (EOCO) has investigated individuals involved in cryptocurrency Ponzi schemes, such as the "Nova Coin" scheme (2021–2022), where victims lost approximately GHS 1.5 million. Convictions resulted, but these were prosecuted as fraud, not as regulatory violations of crypto-specific laws. Economic and Organised Crime Office – Ghana

No fines have been imposed on any entity for violating crypto-specific regulations because no such regulations exist in force. Bank of Ghana

The Securities and Exchange Commission has issued public warnings about initial coin offerings (ICOs) and unregistered token sales, but has not taken formal enforcement action against any ICO since it lacks a clear statutory basis for such action. Securities and Exchange Commission Ghana

In May 2024, the Financial Intelligence Centre issued an advisory to banks and financial institutions alerting them to increased ML/TF risks associated with crypto transactions and instructing enhanced monitoring, though without specific legal penalties for non-compliance. Financial Intelligence Centre Ghana

The BoG's directive to banks to close crypto exchange accounts is the closest thing to an enforcement action, but it targets banks rather than VASPs themselves. Bank of Ghana

No specific tax legislation or guidance has been issued by the Ghana Revenue Authority (GRA) on the taxation of cryptocurrency or digital asset transactions, whether for individuals or businesses. Ghana Revenue Authority

The Income Tax Act, 2015 (Act 896) does not specifically address virtual assets or cryptocurrencies. Gains from crypto trading would, in theory, fall under general income tax provisions, but the GRA has not published any interpretation on this matter. Income Tax Act, 2015 (Act 896)

Capital gains tax provisions in the Income Tax Act (Sections 41–44) technically apply to the disposal of any "chargeable asset," and crypto assets could potentially be classified as such. However, the GRA has not provided any guidance on how capital gains from crypto would be calculated or reported. Income Tax Act, 2015 (Act 896)

Value Added Tax (VAT) treatment for cryptocurrency exchange services has not been determined. The VAT Act, 2013 (Act 870) does not mention digital assets, and the GRA has issued no clarifying guidance. VAT Act, 2013 (Act 870)

No tax registration requirement has been announced for crypto businesses, nor any reporting obligation for crypto income. Ghana Revenue Authority

Ghana's 2023 and 2024 national budgets did not introduce any provisions for taxation of digital assets, despite speculation that such measures might be included. Ghana Ministry of Finance – Budget Statements

The absence of tax guidance creates material compliance risk, as businesses cannot determine their tax obligations, and the GRA could retroactively assess taxes once regulations are introduced. Ghana Revenue Authority

No comprehensive digital asset law has been enacted as of 2025–2026. The BoG draft guidelines remain in draft status, and no crypto-specific legislation has been tabled in Ghana's Parliament. Bank of Ghana

The travel rule (FATF Recommendation 16) has not been implemented in Ghana. No laws or regulations require VASPs to collect or transmit originator/beneficiary information for crypto transfers. FATF Mutual Evaluation Report – Ghana

There is no legal definition of "virtual asset" or "virtual asset service provider" in Ghanaian law. This absence impedes all regulatory efforts. Anti-Money Laundering Act, 2020 (Act 1044)

Jurisdictional ambiguity exists between BoG, SEC, and FIC over who regulates crypto; no formal coordination mechanism has been published. Securities and Exchange Commission Ghana

Ghana's FATF grey-list status (2024–present) places pressure on the government to enact VASP regulation, but progress has been slow. FATF Increased Monitoring – Ghana

Operating without legal clarity exposes businesses to arbitrary enforcement, including bank account closure, EOCO investigation, or prosecution for unauthorized financial services. Economic and Organised Crime Office – Ghana

Banks in Ghana are reluctant to provide services to crypto businesses due to BoG's 2023 directive to terminate such relationships, creating a significant operational barrier. Bank of Ghana

There is no recourse mechanism for licensed or registered crypto businesses because no licenses exist to be protected by. Bank of Ghana Notice on Digital Assets

Tax risk is acute — businesses face the possibility of retroactive taxation without clear rules on how profits or gains would be calculated. Ghana Revenue Authority

International connectivity risk — Ghanaian VASPs cannot easily comply with foreign travel-rule requirements (e.g., from counterparties in FATF-compliant jurisdictions) because the legal basis for data sharing on Ghanaian customers does not exist. Bank of Ghana Draft Guidelines on Virtual Assets

There is no formal consultation mechanism for industry stakeholders to provide input on the draft BoG guidelines, meaning the final regulation may not reflect practical industry realities. Bank of Ghana

The drafting process for crypto regulations has been slow since the BoG first signaled its intent in 2021; even optimistic projections do not foresee finalized, enforceable regulations before 2027 at the earliest. Bank of Ghana

Hidden risk: the BoG could choose to impose an outright ban on crypto rather than a licensing regime, as it has previously stated that digital assets pose risks to financial stability (which is the same rationale the central bank used to ban non-bank financial institutions from dealing in crypto in 2018). Bank of Ghana

Bank of Ghana – Official Website and Notices

Bank of Ghana Draft Guidelines on Virtual Assets

Bank of Ghana Notice on Digital Assets

Securities and Exchange Commission Ghana – Official Website

Anti-Money Laundering Act, 2020 (Act 1044)

Financial Intelligence Centre Ghana – Official Website

Financial Intelligence Centre Act, 2019 (Act 1061)

FATF Increased Monitoring List – February 2024

FATF Mutual Evaluation Report – Ghana (2022)

Ghana Revenue Authority – Official Website

Ghana Ministry of Finance – Budget Statements

Economic and Organised Crime Office – Ghana

Ghana Travel Advisory – US State Department

Ghana Travel Advice & Safety – Smartraveller

Entry requirements – Ghana travel advice – GOV.UK

Applicability: If cryptocurrencies are treated as "chargeable assets" (similar to shares, land, etc.), then the disposal of crypto for a profit would attract Capital Gains Tax.

Taxable Event: A capital gain arises from the "realization" of a chargeable asset. This generally includes:

Selling crypto for fiat currency (GHS, USD, etc.).

Exchanging one crypto for another crypto.

Using crypto to purchase goods or services (the disposal of crypto for the item).

Tax Rate: The Income Tax Act, 2015 (Act 896) stipulates a Capital Gains Tax rate of 15% on the net gains derived from the realization of chargeable assets.

Calculation: Taxable capital gain = Sale Price (or fair market value at time of exchange/use) - Cost Basis (original purchase price + allowable expenses like transaction fees).

Mining: Income derived from cryptocurrency mining operations (the value of newly minted coins) would likely be treated as business income. This would be subject to:

Corporate Income Tax for companies (generally 25%).

Individual Income Tax for sole proprietors/individuals engaged in mining (progressive rates up to 35%).

Allowable expenses related to mining (electricity, hardware depreciation, etc.) would be deductible.

Staking, Lending, DeFi Yields: Rewards received from staking, lending crypto, or participating in DeFi protocols are generally considered investment income or "other income."

These would be added to an individual's total assessable income and taxed at the applicable progressive individual income tax rates (up to 35%).

For businesses, this income would be subject to corporate income tax (25%).

Trading (as a Business): If an individual or entity engages in frequent, high-volume cryptocurrency trading with the intention of making profits as their primary business activity, the profits could be classified as business income rather than capital gains. This would make them subject to the relevant business/corporate income tax rates.

Airdrops/Forks: The fair market value of newly received coins from airdrops or hard forks might be considered income at the time of receipt, especially if it's not a direct result of a previous investment (e.g., an existing holding in the original chain).

Exchange Transactions: The buying and selling of cryptocurrency itself (e.g., crypto-to-fiat, crypto-to-crypto) is unlikely to be subject to VAT if it's considered a financial service or akin to a currency. Ghana's VAT Act exempts certain financial services.

Goods/Services Purchased with Crypto: If cryptocurrency is used to purchase taxable goods or services, the VAT would apply to the goods or services themselves, denominated in Ghana Cedis at the time of the transaction, not to the crypto used as payment.

Mining: The act of mining itself (creating new units) is generally not subject to VAT. However, if a mining operation provides computing power as a service to another entity for a fee, that service could be subject to VAT.

Exchange Fees: Fees charged by crypto exchanges for facilitating trades might be subject to VAT if the exchange is seen as providing a taxable service. However, often financial service fees are also exempt.

Self-Assessment System: Ghana operates a self-assessment tax system, meaning individuals and businesses are responsible for calculating and reporting their own taxable income and gains.

Inclusion in Annual Returns: All taxable income and gains derived from cryptocurrency activities must be declared in annual income tax returns (e.g., Form A for individuals, Corporate Income Tax Return for companies).

Record-Keeping: It is crucial for individuals and businesses involved in crypto to maintain meticulous records. This includes:

Dates of all transactions (acquisition, sale, exchange, receipt of income).

Fair market value of crypto in Ghana Cedis (GHS) at the time of each transaction.

Acquisition costs (including purchase price and any fees).

Sale proceeds and any associated fees.

Wallet addresses and transaction IDs.

Nature of the transaction (buy, sell, exchange, receive as income, mining reward, staking reward).

Compliance: Failure to report taxable income or gains from crypto can lead to penalties, interest, and audits by the GRA.

Ghana Revenue Authority (GRA): This is the primary tax authority in Ghana. While they haven't issued specific crypto tax guidelines, any official tax pronouncements would come from them.

Income Tax Act, 2015 (Act 896): This act governs income tax and capital gains tax in Ghana.

Value Added Tax Act, 2013 (Act 870): This act governs VAT in Ghana.

Similar to the Income Tax Act, search for "Value Added Tax Act 2013 GhanaLII" for reliable access.

Bank of Ghana (BoG): While not a tax authority, the BoG is the central bank and regulator, issuing warnings and statements on cryptocurrencies' regulatory status. These statements indirectly influence the environment in which tax laws are applied.

Search their press releases for statements on virtual currencies.

The Securities and Exchange Commission (SEC) Ghana is responsible for regulating securities and ensuring market integrity within the country's financial ecosystem. Securities and Exchange Commission Ghana – ENSURING ...

Licensing and compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements are critical for entities operating in the cryptocurrency and digital asset space. Anti-Money Laundering

The regulatory framework for cryptocurrencies and digital assets in Ghana is primarily governed by the Securities and Industry Laws administered by the SEC. Securities Industry Laws

The SEC has issued guidelines for the licensing of digital asset service providers, emphasizing the need for robust AML/CFT measures. Securities and Exchange Commission Ghana – ENSURING ...

Entities seeking to offer cryptocurrency-related services must obtain a license from the SEC, demonstrating compliance with regulatory standards and AML/CFT protocols. SECURITIES INDUSTRY (REGULATORY SANDBOX ...

AML/KYC requirements are mandated under the National AML CFT CPF Policy 2025-2029, which outlines the procedures for identifying and verifying customers to prevent illicit financial activities. National AML CFT CPF Policy 2025-2029 - Accra

The Financial Intelligence Centre, Ghana, plays a pivotal role in monitoring and reporting suspicious transactions related to digital assets. Financial Intelligence Centre, Ghana: Home

The SEC has the authority to enforce compliance through penalties, suspension of licenses, and legal actions against entities that fail to adhere to regulatory requirements. Securities and Exchange Commission Ghana – ENSURING ...

Capital gains from cryptocurrency transactions are subject to taxation under the Income Tax Act, with specific provisions for digital asset disposals. Capital Gains Tax – GRA

The Ghana Tax Guide provides comprehensive insights into the tax implications for businesses engaged in cryptocurrency activities. Ghana Tax Guide

Despite regulatory efforts, gaps remain in the clarity of licensing processes and the enforcement of AML/CFT standards, posing risks to market participants and financial stability. Key Changes Under the Income Tax (Amendment) Act ...

The evolving nature of digital assets necessitates continuous updates to regulatory frameworks to address emerging risks and technological advancements. Gains made from the realisation (“sale” or “disposal” in very ...

Securities and Exchange Commission Ghana – ENSURING ...

SECURITIES INDUSTRY (REGULATORY SANDBOX ...

National AML CFT CPF Policy 2025-2029 - Accra

Financial Intelligence Centre, Ghana: Home

Key Changes Under the Income Tax (Amendment) Act ...

Gains made from the realisation (“sale” or “disposal” in very ...

Ghana does not have a comprehensive, crypto-specific national law as of 2025–2026, and no virtual asset service provider has been licensed under the securities framework Securities Industry Laws – Securities and Exchange Commission Ghana

Licensing is possible under Act 929 for market operators, investment advisers, unit trusts, and mutual funds, but no entity has obtained a license specifically for cryptocurrency or digital asset securities activities Securities Industry Act, 2016, Act 929

The practical reality is that Ghana's securities framework predates the digital asset era; the SEC has not yet issued any crypto-specific guidance, and the regulatory environment remains in a state of development Securities and Exchange Commission Ghana – ENSURING INVESTOR PROTECTION

Businesses engaging in crypto securities activities in Ghana face significant legal uncertainty and should expect a period of regulatory evolution before clarity emerges Securities Industry Act, 2016 (ACT 929)~53~15)

The primary law governing securities in Ghana is the Securities Industry Act, 2016 (Act 929), which replaced earlier securities legislation Securities Industry Laws – Securities and Exchange Commission Ghana

The Securities Industry (Amendment) Act, 2021 (Act 1062) amended the 2016 Act and is currently in force Securities Industry Laws – Securities and Exchange Commission Ghana

The SEC Regulations 2003 (LI 1728) and the Unit Trust and Mutual Fund Regulations (LI 1695) also apply to the Ghanaian securities market Securities Industry Laws – Securities and Exchange Commission Ghana

The Foreign Exchange Act 2006 (Act 723) is also listed among the laws applicable to the securities industry in Ghana Securities Industry Laws – Securities and Exchange Commission Ghana

The Bank of Ghana, under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), regulates banks and specialised deposit-taking institutions separately from the SEC, though this Act does not cover digital asset securities BANKS AND SPECIALISED DEPOSIT-TAKING INSTITUTIONS ACT, 2016 (ACT930)%20.pdf)

Ghana's Ministry of Finance has initiated processes to overhaul the legal and regulatory framework for the financial sector, which may eventually include digital assets, as evidenced by the terms of reference for such an overhaul 1 REPUBLIC OF GHANA/ MINISTRY OF FINANCE

The Ghana Business Regulatory Reforms (BRR) Portal, under the Ministry of Trade and Industry, serves as a central repository for accessing Ghanaian business regulations, including the Securities Industry Act Ghana Business Regulatory Reforms Portal

The Securities Industry Act, 2016 (Act 929) is publicly accessible through the SEC Ghana website and the Business Regulatory Reforms Portal Securities Industry Act, 2016, Act 929

The regulatory framework established by Act 929 applies a functional approach, meaning that any digital asset that qualifies as a "security" would fall within the SEC's jurisdiction and the Act's licensing and compliance requirements Securities Industry Act, 2016 (ACT 929)~53~15)

Ghana is a member of the Financial Action Task Force (FATF) through its membership of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), and is therefore expected to implement FATF's Recommendation 15 on new technologies, including virtual assets, although no specific crypto implementation has been officially published Securities and Exchange Commission Ghana – ENSURING INVESTOR PROTECTION

The Securities Industry Act, 2016 (Act 929) and its Regulations are described by the SEC Ghana as the laws "that currently apply to the Ghanaian securities market", confirming their continued status as of the update to the SEC website Securities Industry Laws – Securities and Exchange Commission Ghana

The BRR Portal confirms that the Securities Industry Act, 2016 (Act 929) is a "Related Regulation" for businesses engaging in securities activities in Ghana BRR Portal - Reforming to Transform~53~15)

The Securities Industry Act, 2016 (Act 929) is accessed through the Ghana Business Regulatory Reforms Portal, operated by the Ministry of Trade and Industry, which lists the Act as a current business regulation Ghana Business Regulatory Reforms Portal~53~15)

A person shall not undertake an activity in or related to a unit trust directly or indirectly unless the units are those of a unit trust licensed by the SEC, meaning any digital asset structured as a unit trust requires a licence under Section 64 of Act 929 BRR Portal - Reforming to Transform~53~15)

Section 65 of Act 929 requires an application for a licence for a unit trust to be made to the SEC in the form determined by the Commission, though no crypto-specific forms have been issued BRR Portal - Reforming to Transform~53~15)

The SEC may license a unit trust if it is satisfied that the manager and trustee are qualified to act in that capacity, as provided under Section 63 of Act 929 BRR Portal - Reforming to Transform~53~15)

The manager of a licensed unit trust must, if requested by a holder of units, buy from the holder any number of units, as required by Section 67 of Act 929 BRR Portal - Reforming to Transform~53~15)

A public company incorporated under the Companies Act, 1963 (Act 179) may apply to the SEC to operate as a mutual fund company under Section 73 of Act 929, which could theoretically extend to digital asset funds BRR Portal - Reforming to Transform~53~15)

The SEC shall not grant a licence to a company to operate as a mutual fund company unless the Commission is satisfied that the company meets the requirements of Section 74 of Act 929 BRR Portal - Reforming to Transform~53~15)

Section 112 of Act 929 provides that where an applicant meets the requirements of Section 111, the SEC shall grant that applicant a licence, covering market operators and their representatives BRR Portal - Reforming to Transform~53~15)

Section 113 of Act 929 provides that, subject to Section 111(3) and the Regulations, the SEC shall grant or renew a licence granted to the representative of a market operator if the conditions are met BRR Portal - Reforming to Transform~53~15)

A bank or other financial institution which intends to do business in the capital market other than the business of trustee, custodian, primary dealer or broker must obtain a licence from the SEC under Section 114 of Act 929 BRR Portal - Reforming to Transform~53~15)

Section 115 of Act 929 empowers the SEC, in consultation with the Minister, to alter the capital requirements as well as any other pre-licensing requirements by notice published in the Gazette BRR Portal - Reforming to Transform~53~15)

The SEC may grant or renew a licence subject to conditions or restrictions as it considers fit, which could be used to impose crypto-specific conditions, under Section 118 of Act 929 BRR Portal - Reforming to Transform~53~15)

The SEC may exempt representatives of a person indicated in Section 109 who do not deal directly with clients from holding a representative's licence, under Section 110 of Act 929 BRR Portal - Reforming to Transform~53~15)

The SEC must keep in the appropriate form a register of the holders of current licences, specifying details of each licence holder, as required by Section 121 of Act 929 BRR Portal - Reforming to Transform~53~15)

A licence is revoked in the case of an individual's death or a body corporate's winding up, and the SEC may revoke a licence under Section 122 of Act 929 BRR Portal - Reforming to Transform~53~15)

Where a person who holds a licence has, before the expiration of the licence, applied for a renewal, the licence continues in force until the renewal application is determined under Section 124 of Act 929 BRR Portal - Reforming to Transform~53~15)

The Commission may revoke the licence of a scheme where in the opinion of the Commission the interests of the public or the protection of investors so require, under Section 103 of Act 929 BRR Portal - Reforming to Transform~53~15)

The Commission shall cancel the licence of a scheme on the termination of the scheme in accordance with the law, as provided in Section 106 of Act 929 BRR Portal - Reforming to Transform~53~15)

The Securities Industry Act, 2016 (Act 929) is not crypto-specific; no capital requirements in cedis or other currencies for digital asset businesses are specified in the Act Securities Industry Act, 2016, Act 929

As of the current legal framework, zero entities have been licensed by the SEC Ghana specifically for cryptocurrency or digital asset securities activities Securities and Exchange Commission Ghana – ENSURING INVESTOR PROTECTION

No licensing guidance, application forms, or fee schedules specific to virtual asset service providers or crypto securities businesses have been published by the SEC Ghana Securities Industry Laws – Securities and Exchange Commission Ghana

The absence of any crypto-specific licensing regime means that an entity seeking to operate a digital asset securities business would have to be classified under one of the existing categories — such as market operator, investment adviser, unit trust or mutual fund — before a licence could be considered Securities Industry Act, 2016 (ACT 929)~53~15)

The SEC has the power under Section 117 of Act 929 to determine whether a market operator or a representative of a market operator is required to hold a licence, giving it discretion over novel business models like crypto exchanges BRR Portal - Reforming to Transform~53~15)

The Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) requires banks and specialised deposit-taking institutions to conduct customer due diligence, but this Act applies to banking institutions and not to securities businesses dealing in digital assets BANKS AND SPECIALISED DEPOSIT-TAKING INSTITUTIONS ACT, 2016 (ACT930)%20.pdf)

No explicit requirements for enhanced due diligence (EDD) on politically exposed persons (PEPs) appear in the Securities Industry Act, 2016 (Act 929) Securities Industry Act, 2016 (ACT 929)~53~15)

The Securities Industry Act, 2016 (Act 929) does not specify suspicious transaction reporting (STR) obligations for securities businesses dealing in digital assets Securities Industry Act, 2016, Act 929

No record retention requirements specific to virtual asset transactions have been issued by the SEC Ghana Securities Industry Laws – Securities and Exchange Commission Ghana

The beneficial ownership identification requirements for digital asset securities issuers have not been separately defined in Ghana's securities legislation Securities Industry Act, 2016 (ACT 929)~53~15)

The Anti-Money Laundering Act of Ghana, which would apply to securities businesses generally, has not been published in relation to crypto assets, and no crypto-specific AML guidance has been issued by the SEC Securities and Exchange Commission Ghana – ENSURING INVESTOR PROTECTION

The BRR Portal provides access to the Securities Industry Act but does not include any crypto-specific AML/KYC or digital asset regulations BRR Portal - Reforming to Transform~53~15)

No Ghanaian securities regulation has been identified that imposes express CDD, EDD, PEP screening, or STR obligations tailored to virtual asset service providers Securities Industry Act, 2016 (ACT 929)~53~15)

No fines, penalties, or administrative sanctions have been publicly reported for crypto securities violations in Ghana under the current framework Securities Industry Laws – Securities and Exchange Commission Ghana

No arrests or criminal prosecutions relating to digital asset securities fraud have been reported in the sources reviewed Securities Industry Act, 2016 (ACT 929)~53~15)

The Ministry of Finance's terms of reference for overhauling the legal and regulatory framework do not mention any enforcement cases involving crypto assets 1 REPUBLIC OF GHANA/ MINISTRY OF FINANCE

The BRR Portal does not record any enforcement actions under the Securities Industry Act concerning digital assets BRR Portal - Reforming to Transform~53~15)

The absence of crypto-specific enforcement actions is consistent with the lack of a crypto-specific regulatory framework and licensing regime Securities and Exchange Commission Ghana – ENSURING INVESTOR PROTECTION

No tax guidance has been issued for virtual assets in Ghana within the securities regulatory framework Securities Industry Laws – Securities and Exchange Commission Ghana

The Securities Industry Act, 2016 (Act 929) contains no tax provisions for digital asset securities Securities Industry Act, 2016, Act 929

The Ghana Revenue Authority has not published any guidance on the taxation of cryptocurrency gains or digital asset securities within the sources reviewed Securities and Exchange Commission Ghana – ENSURING INVESTOR PROTECTION

No capital gains tax rules specifically addressing digital assets have been identified in Ghana's securities legislation Securities Industry Act, 2016 (ACT 929)~53~15)

No value-added tax (VAT) guidance for crypto transactions or digital asset services has been issued in the reviewed regulatory sources Securities Industry Laws – Securities and Exchange Commission Ghana

The Foreign Exchange Act 2006 (Act 723), listed among securities industry laws, does not provide tax treatment for digital assets Securities Industry Laws – Securities and Exchange Commission Ghana

The Ministry of Finance's framework overhaul terms of reference do not address the tax treatment of virtual assets 1 REPUBLIC OF GHANA/ MINISTRY OF FINANCE

The most significant gap is the complete absence of a crypto-specific securities regulatory framework in Ghana, with only the general Securities Industry Act, 2016 (Act 929) available for potential application Securities Industry Laws – Securities and Exchange Commission Ghana

No definitions of "virtual asset", "digital asset", "cryptocurrency", or "token" exist in the Securities Industry Act, 2016 (Act 929), creating uncertainty about which digital assets constitute securities Securities Industry Act, 2016, Act 929

Businesses face substantial uncertainty regarding whether their digital asset activities fall within the SEC's regulatory perimeter under Section 117 of Act 929, which gives the SEC discretion to determine licensing requirements BRR Portal - Reforming to Transform~53~15)

No sandbox programme, no-faction letter mechanism, or advisory guidance has been announced by the SEC Ghana for innovative digital asset businesses Securities and Exchange Commission Ghana – ENSURING INVESTOR PROTECTION

The absence of a crypto-specific AML/CFT regime creates risk for businesses, as they are caught between general AML obligations and the lack of specific implementation guidance for virtual assets Securities Industry Act, 2016 (ACT 929)~53~15)

The one-year licence validity and annual renewal requirement under Section 119 of Act 929 creates a potentially cumbersome regime for digital asset businesses that may face rapid changes in operations BRR Portal - Reforming to Transform~53~15)

The SEC's power under Section 115 to alter capital requirements with ministerial consultation and a Gazette notice means that capital thresholds could change without clear prior notice BRR Portal - Reforming to Transform~53~15)

Ghana's FATF membership through GIABA creates pressure to implement virtual asset regulations, but no such implementation has been formally published for securities businesses Securities and Exchange Commission Ghana – ENSURING INVESTOR PROTECTION

The Ministry of Finance's ongoing overhaul of the legal and regulatory framework signals that changes are expected, but the timeline and specific content remain unknown 1 REPUBLIC OF GHANA/ MINISTRY OF FINANCE

A business entering the digital asset securities space in Ghana must navigate a regime where the SEC has broad discretionary powers but has not issued any implementation guidance for crypto assets Securities Industry Act, 2016 (ACT 929)~53~15)

The practical reality is that no entity has obtained a licence from the SEC to operate a crypto securities business, reflecting the absence of a viable licensing pathway Securities and Exchange Commission Ghana – ENSURING INVESTOR PROTECTION

The lack of tax guidance for digital asset securities creates significant compliance risk for reporting and tax planning purposes Securities Industry Laws – Securities and Exchange Commission Ghana

Cross-border digital asset transactions present additional uncertainty due to the interplay between the Foreign Exchange Act 2006 (Act 723) and the securities regime, but with no guidance on their interaction Securities Industry Laws – Securities and Exchange Commission Ghana

Securities Industry Laws – Securities and Exchange Commission Ghana

Securities Industry Act, 2016, Act 929

Securities Industry Act, 2016 (ACT 929)~53~15)

BRR Portal - Reforming to Transform~53~15)

Securities Industry Act, 2016 (ACT 929).~53~15)

Ghana Business Regulatory Reforms Portal

1 REPUBLIC OF GHANA/ MINISTRY OF FINANCE

Ghana Business Regulatory Reforms Portal~53~15)

BANKS AND SPECIALISED DEPOSIT-TAKING INSTITUTIONS ACT, 2016 ( ACT930)%20.pdf)