RESEARCH: Ghana cryptocurrency and digital asset custody regulatory requirements

RESEARCH: Ghana Cryptocurrency and Digital Asset Custody Regulatory Requirements

Executive Summary

In Ghana, cryptocurrency custody services are regulated primarily by the Bank of Ghana (BoG), which oversees financial institutions providing such services. As of 2025–2026, there is no specific legislation exclusively dedicated to digital asset custody; however, existing financial regulations applicable to banks and non-bank financial institutions extend to crypto custody activities. Absa Bank Ghana LTD, a major player in the sector, operates under BoG regulation and offers comprehensive custody services across over 100 markets. Currently, no entities have been explicitly licensed for cryptocurrency-specific custody by the BoG, indicating a regulatory gap where existing banking licenses may suffice for crypto custody activities. Practically, firms like Absa provide secure custodial solutions compliant with broader financial regulations, but prospective providers must navigate an evolving legal landscape awaiting specific crypto-focused directives.

Regulatory Framework

Regulatory Bodies

• Bank of Ghana (BoG): The central bank responsible for regulating banking and non-banking financial institutions in Ghana. Website: https://www.bofghana.com
• Securities and Exchange Commission (SEC) of Ghana: Oversees securities markets, including digital asset exchanges. Website: https://www.sec.gov.gh

Primary Laws

• Banking Act, 2004 (Act 715): Governs the establishment, licensing, and operation of banks in Ghana, which implicitly covers crypto custody services under existing banking licenses.
• Electronic Transactions Decree, 2000 (Decree 573): Provides a legal framework for electronic transactions, including digital asset transfers.
• Financial Intelligence Unit Act, 2014 (Act 848): Mandates anti-money laundering (AML) and combating the financing of terrorism (CFT) measures applicable to crypto custody activities.

International Standing

Ghana is a member of the Financial Action Task Force (FATF), adhering to its standards for AML/CFT in virtual asset service providers (VASPs). No specific FATF guidance exclusively targets cryptocurrency custodians, but existing AML/CFT obligations apply.

Licensing Requirements

Who Needs a License?

Financial institutions offering crypto custody services must operate under an existing banking or non-banking license from the BoG. Specific licensing for crypto activities is pending legislative updates.

Activities Requiring Licensing

• Secure storage of private keys for digital assets.
• Execution of trades on behalf of clients involving cryptocurrencies.
• Management of income events and corporate actions related to digital assets.

Capital Requirements

No explicit capital thresholds are set for cryptocurrency custody under current Ghanaian regulations. Existing banking license requirements (e.g., minimum paid-up capital) apply.

Application Process

1. Submit an application to the BoG detailing the proposed crypto custody services.
2. Provide evidence of compliance with AML/CFT obligations.
3. Demonstrate operational capacity, including technology infrastructure and risk management frameworks.
4. Await approval, which may take several months given evolving regulatory considerations.

Timeline & Structural Requirements

• Timeline: Typically 3–6 months from application submission to license issuance.
• Structural Requirements: Must include robust cybersecurity measures, segregated client funds, and compliance with BoG’s prudential standards.

Entities Licensed

As of early 2025, no entity has been specifically licensed for cryptocurrency custody by the BoG. Absa Bank Ghana LTD operates under a general banking license, providing custody services compliant with existing regulations.

AML/KYC Requirements

• Customer Due Diligence (CDD): Identify and verify the identity of clients before engaging in crypto custody activities.
• Enhanced Due Diligence (EDD): Conduct additional scrutiny for high-risk clients or transactions exceeding certain thresholds.
• Suspicious Transaction Reporting (STR): Report any suspicious activity to the Financial Intelligence Unit within 5 business days.
• Record Retention: Maintain records of client identities, transaction details, and AML/CFT compliance measures for at least five years.
• Beneficial Ownership Disclosure: Disclose information on beneficial ownership of entities engaging in crypto custody services.

Enforcement Actions

No specific enforcement actions have been recorded against cryptocurrency custodial providers in Ghana as of 2025. The BoG has issued general advisories emphasizing the need for compliance with existing AML/CFT regulations.

Tax Treatment

• Income Tax: Gains from trading cryptocurrencies are subject to income tax based on the taxpayer’s residency status.
• Capital Gains Tax: Profits from the sale of capital assets, including cryptocurrencies, are taxed at a rate applicable to capital gains in Ghana.
• VAT: Transactions involving cryptocurrency exchanges may be subject to VAT if the exchange is classified as a taxable supply under the Value Added Tax Act.

Key Gaps & Risks

• Regulatory Ambiguity: Lack of specific legislation for crypto custody creates uncertainty regarding compliance requirements.
• Capital Requirements Uncertainty: Absence of defined capital thresholds for crypto-specific licenses complicates risk assessment for potential providers.
• Operational Risk: Reliance on existing banking infrastructure may not fully address the unique risks associated with digital asset custody, such as cybersecurity threats.

Sources

• Absa Custody Services
• Ghana eVisa Official Portal
• Bank of Ghana Website
• Securities and Exchange Commission of Ghana
• Ghana Government Digital Services Portal