By Nadia Ntiamoah
The financial regulators have moved decisively to rein in the unregulated promotion of virtual asset and stablecoin products, ordering the immediate removal of unauthorised advertisements across the country and warning of severe sanctions for non-compliance.
In a joint public notice issued on Friday, February 20, 2026, the Bank of Ghana and the Securities and Exchange Commission expressed concern over the growing visibility of virtual asset marketing, particularly the mounting of large billboards and mass public promotions in Accra and other parts of the country by certain Virtual Asset Service Providers (VASPs).
The regulators said the surge in advertising activity was taking place outside the bounds of the emerging regulatory framework for digital assets, raising risks for consumers and the financial system at a time when the country is still formalising oversight structures for the sector.
From Innovation To Regulation
Over the past few years, Ghana has witnessed rapid growth in interest around cryptocurrencies, stablecoins, and other digital assets, driven largely by youth adoption, fintech innovation, and the expansion of digital financial services.
Informal crypto trading communities, online platforms, and digital asset promoters have proliferated, often operating in regulatory grey zones.
To address these risks and bring structure to the sector, Parliament passed the Virtual Asset Service Providers Act, 2025 (Act 1154), establishing a formal legal framework for the regulation, licensing, and supervision of virtual asset activities in Ghana.
The law places digital asset services under the joint oversight of the Bank of Ghana and the Securities and Exchange Commission, signalling a shift from tolerance of informal operations to a structured regulatory regime.
However, while the law has been enacted, the full regulatory system — including licensing processes, operational rules, and supervisory mechanisms — is still in the process of being operationalised.
Regulators Draw the Line
Against this background, the BoG and SEC said they had observed an “increasing advertisement of virtual asset and stablecoin products,” including aggressive outdoor marketing campaigns and public promotions by some service providers, including entities operating within regulatory sandbox arrangements.
In response, the regulators issued a clear directive: all VASPs must immediately refrain from mass marketing or public promotional campaigns unless they have received explicit authorisation from both the Bank of Ghana and the Securities and Exchange Commission.
The notice further clarified that virtual asset advocacy is now a regulated activity under Act 1154 and requires formal registration with both institutions.
The regulators indicated that detailed rules governing advocacy, advertising standards, and promotional conduct would be issued in due course as part of the broader regulatory framework.
48-Hour Ultimatum And Sanctions
In one of the strongest enforcement signals yet from the financial authorities, the joint notice ordered all VASPs that have mounted billboards or engaged in other forms of public advertising to remove them within 48 hours of the date of the notice.
Failure to comply, the regulators warned, will attract “severe sanctions” against offending service providers — a move that signals a tougher enforcement posture as Ghana transitions into a fully regulated virtual asset regime.
Transition Period For Existing Operators
The regulators also acknowledged that transitional arrangements have been predetermined under the law. Existing VASPs will be required to apply for licensing or registration once the regulatory regime becomes fully operational, allowing compliant operators a pathway into the formal financial system.
A Signal of Regulatory Maturity
The action marks a significant moment in the digital finance evolution — shifting the crypto and virtual asset space from informal expansion to structured regulation. It reflects growing concern among regulators about consumer protection, financial stability, misleading promotions, and systemic risks associated with unregulated digital asset marketing.
