Ghana has enacted the Virtual Asset Service Providers Act of 2025 to regulate its burgeoning cryptocurrency market, which now includes over 3 million users. The new legal framework aims to enhance oversight and align with global financial standards, addressing both opportunities and risks associated with the rapid adoption of digital assets. The Securities and Exchange Commission and the Bank of Ghana are developing licensing rules to implement the law. The 2025 Financial Stability Review highlights the dual purpose of the law: to bolster state oversight of the volatile market and to ensure compliance with anti-money laundering standards. The review warns of potential risks such as fraud and illicit financial flows if the market remains unregulated. As part of the regulatory push, stakeholder consultations and capacity-building programs are underway to strengthen coordination and protect investors, while also addressing concerns about unregulated digital lending platforms.