In a sweeping move to curb the growing visibility of digital currencies, the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have ordered an immediate halt to all public advertising of virtual assets and stablecoins nationwide.
In a joint directive issued on 20th February 2026, the regulators gave Virtual Asset Service Providers (VASPs) just 48 hours to remove billboards, branding, and other public promotional materials or face “severe sanctions.”
The directive reflects a tougher regulatory stance toward unregulated mass marketing in Ghana’s fintech sector, particularly amid the surge in digital asset advertising across Accra and other major cities.
The regulators stressed that no firm — including those operating within the regulatory sandbox framework — is permitted to undertake mass promotional campaigns without explicit authorisation. The sandbox, which allows companies to test innovative products under supervision, does not grant freedom to engage in broad public marketing.
“All VASPs, including those operating within the BoG and SEC sandbox, are hereby directed to refrain from mass marketing or public promotional campaigns on virtual assets, unless expressly authorised by the BoG and SEC,” the statement said.
At the centre of the enforcement is the Virtual Asset Service Providers Act, 2025 (Act 1154), which formally regulates virtual asset advocacy and requires registration with both the BoG and SEC. Although the Act provides a transition window for firms seeking licensing, regulators clarified that the grace period does not extend to advertising activities.
“Virtual asset advocacy is a regulated activity under the Virtual Asset Service Providers Act, 2025 (Act 1154), and requires registration with the BoG and SEC. Detailed rules on advocacy and advertisements will be issued in due course,” the statement added.
Operators who have invested heavily in outdoor and digital campaigns are now required to dismantle all public advertisements within the 48-hour window.
“This notice is to caution VASPs who have mounted billboards and other forms of public advertisement to take them down within 48 hours of the date of this notice. Failure to comply will result in severe sanctions against the offending service providers,” the regulators warned.
The crackdown is widely seen as a precautionary measure aimed at protecting consumers from potential exposure to high-risk or unauthorised digital asset products while the regulatory framework is being finalised.
As stablecoins and cryptocurrencies gain traction in Ghana’s fast-evolving digital economy, the BoG and SEC appear intent on managing public enthusiasm while strengthening oversight and ensuring compliance within the sector.
