Bank of Ghana and Securities and Exchange Commission Warn Against Unauthorised Stablecoin Advertising
According to the notice, all VASPs—whether fully operational or participating in regulatory sandbox programmes—have been directed to immediately refrain from public promotional or mass marketing campaigns related to virtual assets unless they have received explicit authorisation from both the BoG and the SEC.
The Bank of Ghana and the Securities and Exchange Commission have issued a joint public notice warning against the unauthorised advertising of virtual asset and stablecoin products across Ghana. The regulators said they have observed a rise in mass marketing activities by certain Virtual Asset Service Providers (VASPs), including the deployment of large billboards in Accra and other parts of the country.
According to the notice, all VASPs—whether fully operational or participating in regulatory sandbox programmes—have been directed to immediately refrain from public promotional or mass marketing campaigns related to virtual assets unless they have received explicit authorisation from both the BoG and the SEC. The regulators stressed that such advertising without approval is not permitted under the current regulatory framework.
The BoG and SEC further clarified that virtual asset advocacy is now a regulated activity under Ghana’s Virtual Asset Service Providers Act, 2025, and requires formal registration with both institutions. They added that detailed rules governing advocacy and advertising practices for virtual asset products will be issued in due course to guide market participants.
The joint statement also noted that the Act provides for transitional arrangements, allowing existing VASPs to apply for licensing or registration once the full regulatory regime becomes operational. However, until such approvals are granted, firms are expected to comply strictly with existing directives.
As an enforcement measure, the regulators have ordered all VASPs currently displaying billboards or other forms of public advertisements for virtual asset and stablecoin products to remove them within 48 hours of the notice. Failure to comply, the BoG and SEC warned, will attract severe sanctions against offending service providers.
