REGULATION | Why the Bank of Ghana Targeted Yellow Card with a Public Warning

In June 2025, as reported by BitKE, the Bank of Ghana (BoG) issued a strong public warning against YellowPay and HanyPay which it said were operating without the necessary authorization. But this wasn’t just an isolated caution – it was the prelude to a broader shift in Ghana’s approach to crypto regulation.

Just weeks later, BoG has now announced a mandatory registration for all Virtual Asset Service Providers (VASPs), both local and international, that offer services to Ghanaian residents.

The move signals the beginning of a more structured and aggressive regulatory regime for digital assets in the country.

The YellowPay Warning

In a notice dated June 10 2025, BoG warned the public not to deal with YellowPay (a service connected to crypto platform, Yellow Card) or HanyPay, citing their lack of licensing and regulatory approval. The warning came amid growing concerns about crypto-enabled fraud, illicit payments, and platforms making false claims about legitimacy or central bank affiliations.

Yellow Card responded by distancing itself from the issue, stating that YellowPay is not available in Ghana and that no integration or partnership with HanyPay ever materialized.

Registration for All VASPs: A New Mandate

Then one month later, on July 10 2025, BoG issued a directive requiring all VASPs to register by August 15, 2025 – including crypto exchanges, wallet providers, stablecoin issuers, NFT platforms, ICOs, and other digital asset players. The registration process is meant to:

• Identify which entities are operating in the space
• Create a database of players for further regulatory review, and
• Serve as a foundation for licensing and compliance enforcement going forward.

Crucially, registration does not equate to licensing. BoG made clear that registration is a preliminary step in crafting Ghana’s full crypto regulatory framework.

Connecting the Dots

BoG’s June 2025 warning and the July 2025 registration requirement are part of the same strategy. The regulator is moving from reactive enforcement – cracking down on unauthorized platforms – to proactive regulation, setting up a framework to bring all crypto activity under supervision.

This mirrors global trends. Countries from Nigeria to the EU are tightening oversight of VASPs in light of growing risks tied to money laundering, illicit finance, and lack of consumer protections.

Ghana is signaling that if you want to operate in its digital asset ecosystem, you’ll need to play by its rules – and the process starts with registration.

What This Means for the Market

• For VASPs: Registration by August 15 2025 is now mandatory. Non-compliance could lead to exclusion from future licensing opportunities and regulatory penalties.
• For consumers: The BoG is taking clear steps to reduce risks from unregulated crypto platforms, while laying the groundwork for a safer, more trustworthy market.
• For the ecosystem: Expect more detailed regulations soon – covering licensing, AML/KYC compliance, custody standards, and capital requirements.

A Turning Point

Ghana’s crypto regulation efforts are no longer theoretical. Between the Yellow Card crackdown and the VASP registration rollout, the Bank of Ghana is asserting its authority in the digital finance space – and preparing the ground for deeper oversight.

For builders and users alike, this marks a critical transition from crypto’s freewheeling early days in Ghana to a more formal and secure environment.

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