Ghana’s top financial regulators have issued a firm directive to all Virtual Asset Service Providers (VASPs), ordering them to immediately cease all public advertising and remove existing promotional billboards within 48 hours or face severe penalties.
In a joint press release dated February 20, 2026, the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) expressed concern over what they described as the “increasing advertisement of virtual asset and stablecoin products,” specifically noting the proliferation of large billboards in Accra and other parts of the country.
The regulators emphasized that no VASP, including those currently operating within regulatory sandboxes, is permitted to engage in mass marketing or public promotional campaigns without explicit, written authorization from both institutions.
“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,” the statement read.
Advocacy Now a Regulated Activity
The crackdown extends beyond product advertising to include public advocacy for virtual assets. The BoG and SEC clarified that under the new Virtual Asset Service Providers Act, 2025 (Act 1154), such advocacy is now classified as a regulated activity and requires formal registration.
“Detailed rules on advocacy and advertisements will be issued in due course,” the regulators added, signaling that a more comprehensive framework for marketing in the digital asset space is forthcoming.
Transitional Arrangements and Immediate Compliance
Act 1154 provides transitional arrangements for existing operators, allowing them to apply for the necessary licenses once the regulatory regime is fully operational. However, until those approvals are granted, all public-facing promotional activities are effectively suspended.
The warning to operators currently running campaigns was unequivocal: “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.”
Tightening Oversight in a Growing Sector
This joint directive marks a significant tightening of oversight in Ghana’s rapidly evolving digital asset landscape, where interest in cryptocurrencies and stablecoins has surged in recent years. By halting public promotions, the regulators aim to prevent consumers from being exposed to potentially unregulated or unauthorized products while the new legal framework is being fully implemented.
Stakeholders and members of the public seeking further clarification have been advised to direct their enquiries to the Head of the Virtual Asset Department at the Bank of Ghana or the Chair of the Virtual Asset Committee at the Securities and Exchange Commission.
