Joint Regulatory Action Targets Rising Crypto Promotions
Ghana’s two primary financial regulators have taken decisive action against the growing wave of unapproved virtual asset and stablecoin advertisements appearing across the country. In a coordinated directive, the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) raised concerns about the surge in large-scale promotional campaigns by certain Virtual Asset Service Providers (VASPs).
According to the regulators, some firms have been actively marketing crypto-related products through billboards, digital displays, and other mass advertising channels without obtaining the necessary authorisation. The authorities emphasised that such activities create potential consumer risks, particularly in a market where regulatory standards for digital assets are still being formalised.
Advertising Classified as a Regulated Activity
Under the newly enacted Virtual Asset Service Providers Act 2025, the promotion and public advocacy of virtual assets are now classified as regulated activities. This means that any entity seeking to advertise crypto-related services or stablecoin products must first secure approval from both the BoG and the SEC.
The law introduces stricter compliance requirements for firms operating in the digital asset ecosystem. Until detailed advertising guidelines are fully operationalised, regulators have made it clear that no VASP, including those operating under transitional arrangements, may conduct public marketing campaigns without explicit consent.
48-Hour Deadline to Remove Unauthorised Billboards
As part of the enforcement directive, affected firms were given a 48-hour ultimatum to remove all unauthorised advertisements from public spaces. The regulators warned that non-compliance would attract serious sanctions, potentially including financial penalties and further regulatory action.
This strict timeline underscores the authorities’ commitment to maintaining order within the evolving digital finance sector. By acting swiftly, the BoG and SEC aim to prevent misleading promotional claims and ensure that consumers are not exposed to unverified investment opportunities.
Transitional Provisions Do Not Permit Promotion
Although the Virtual Asset Service Providers Act provides a pathway for existing operators to regularise their status through licensing or registration, regulators clarified that this transitional window does not grant permission for continued advertising. Firms awaiting regulatory approval must refrain from public promotions until they are formally authorised.
Strengthening Consumer Protection and Market Integrity
The joint enforcement initiative reflects Ghana’s broader strategy to balance financial innovation with investor protection. As interest in cryptocurrencies and stablecoins grows, authorities are prioritising regulatory oversight to reduce fraud risks, enhance transparency, and safeguard financial stability.
By tightening control over advertising practices, regulators are sending a clear message: participation in Ghana’s digital asset market requires compliance with established legal frameworks. The move signals a shift toward structured governance in the crypto sector, reinforcing the principle that technological advancement must operate within defined regulatory boundaries.
