The Bank of Ghana (BoG) and the Securities and the Exchange Commission (SEC) have cautioned Virtual Asset Service Providers (VASPs) against engaging in unauthorised mass marketing and promotional activities targeting the Ghanaian public.
The regulators expressed concern over the increasing advertisement of virtual asset and stablecoin products, including the mounting of large billboards in Accra and other parts of the country by some service providers.
In a joint statement issued to media organisations, the BoG and SEC said all VASPs, including those operating within their regulatory sandboxes, must refrain from public promotional campaigns unless they had received explicit authorisation from both institutions.
The statement said virtual asset advocacy was a regulated activity under the Virtual Asset Service Providers Act, 2025 (Act 1154), which required service providers to register with both regulators before engaging in any form of public advertisement or advocacy.
It said guidelines on advocacy and advertising would be communicated in due course.
The regulators said the Act provided transitional arrangements for existing VASPs to apply for licensing or registration once the regulatory regime became fully operational.
They directed VASPs that had mounted billboards or issued any unauthorised public advertisements to remove them within 48 hours of the notice, warning that failure to comply would attract severe sanctions.
