The Bank of Ghana (BoG) and the Securities and Exchange Commission have issued a joint directive warning against the unauthorised advertising of virtual asset and stablecoin products nationwide.
This includes the use of large billboards in Accra and other parts of the country by certain Virtual Asset Service Providers (VASPs).
The directive points out that all VASPs, including those operating within the BoG and SEC sandbox, are hereby instructed to refrain from mass marketing or public promotional campaigns on virtual assets unless expressly authorised by the BoG and SEC.
Furthermore, virtual asset advocacy is considered a regulated activity under the Virtual Asset Service Providers Act, 2025 (Act 1154), and requires registration with the BoG and SEC.
The Act also provides for transitional arrangements for existing VASPs to apply for licensing or registration once the regime becomes operational.
This notice serves to caution VASPs that have mounted billboards and other forms of public advertisement to remove them within 48 hours of the date of this notice.
It has been reaffirmed that failure to comply will result in severe sanctions against the offending service providers.
