BoG, SEC Order VASPs to Halt Public Advertising of Virtual Assets

By Praisebell Rosemond Larbi

The Bank of Ghana (BoG), in collaboration with the Securities and Exchange Commission Ghana (SEC), has directed all Virtual Asset Service Providers (VASPs) to immediately refrain from mass marketing and public promotional campaigns related to virtual assets and stablecoin products, unless expressly authorised by the regulators.

The directive follows growing concern by the regulators over the increasing visibility of virtual asset advertisements across the country, particularly the mounting of large billboards in Accra and other major urban centres. According to the BoG, such promotional activities risk misleading the public and undermining ongoing efforts to establish a structured and well-regulated digital asset ecosystem.

In a notice issued to the industry, the central bank emphasised that all forms of virtual asset advocacy and promotion are regulated activities under the Virtual Asset Service Providers Act, 2025 (Act 1154). As such, any entity seeking to promote or advertise virtual asset products must first obtain the necessary registration and approval from both the BoG and the SEC.

“All VASPs, including those operating within the BoG and SEC regulatory sandbox, are hereby directed to refrain from mass marketing or public promotional campaigns on virtual assets unless expressly authorised,” the statement said.

The regulators further indicated that comprehensive guidelines governing virtual asset advocacy, marketing, and advertisements will be issued in due course as part of the broader framework to operationalise the new law. This is expected to bring greater clarity and consistency to how digital asset products are presented to the public, while safeguarding consumer interests.

The directive also outlines transitional provisions for existing VASPs. Operators currently active in the market will be required to apply for licensing or registration once the regulatory regime becomes fully operational. This move is aimed at ensuring that all players within the ecosystem are properly vetted and compliant with established standards.

In a firm warning, the BoG instructed all VASPs that have already deployed billboards and other forms of public advertising to take them down within 48 hours of the notice. Failure to comply, the central bank cautioned, will attract severe sanctions, signalling a strict enforcement posture as regulators tighten oversight of the fast-evolving digital asset space.

The move underscores the BoG’s commitment to balancing innovation with financial stability and consumer protection, as Ghana positions itself to regulate virtual assets within a controlled and transparent financial framework.