Bank of Ghana and Securities and Exchange Commission issue warning on Unauthorized …

A warning from both the Bank of Ghana and the Securities and Exchange Commission has been issued regarding the unapproved advertising of virtual asset and stablecoin products. The notice has drawn attention to the growing trend of intensive mass marketing activities by several Virtual Asset Service Providers (VASPs) in various regions in Ghana, including the display of substantial billboards in the country’s capital, Accra.

All VASPs, whether fully operational or participating in regulatory sandbox programmes, have been instructed to immediately cease public advertisements and mass promotional campaigns related to virtual assets unless they have obtained express authorization from both the BoG and the SEC. The regulators emphasized that such advertising practices without explicit approval violate the current regulatory framework in place.

The joint public notice made it clear that advocating for virtual assets is now a regulated activity under Ghana’s Virtual Asset Service Providers Act of 2025 and involves formal registration with both regulatory bodies. Detailed guidelines regarding advocacy and advertising of virtual asset products will soon be released to provide regulatory clarity to industry participants.

The BoG and SEC also outlined the transitional measures outlined in the Act, allowing existing VASPs to apply for licensing or registration once the comprehensive regulatory regime is fully operational. Until such authorizations are granted, firms are expected to adhere strictly to existing directives.

As part of enforcement actions, the regulators have instructed all VASPs currently running billboards or other public advertising campaigns for virtual asset and stablecoin products to take them down within 48 hours following the notice. Failure to adhere to this directive, both institutions cautioned, would lead to the imposition of severe penalties on offending service providers.