BoG and SEC order Virtual Asset Service Providers to remove unauthorised ads within 48 hours

The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have issued a joint public notice cautioning Virtual Asset Service Providers (VASPs) against unauthorised advertising of virtual asset and stablecoin products.

The warning comes in response to the increasing use of large billboards and other public promotional campaigns across Accra and other parts of the country by some VASPs.

According to the notice, all VASPs, including those operating within the BoG and SEC sandbox, are prohibited from mass marketing or public promotions of virtual assets unless they have received explicit authorisation from the regulatory authorities.

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The statement emphasised that virtual asset advocacy is a regulated activity under the Virtual Asset Service Providers Act, 2025 (Act 1154). This requires registration with both the BoG and SEC. Detailed rules governing advocacy and advertisements are expected to be issued soon.

The regulators further reminded existing VASPs of the transitional arrangements under the Act, which allow them to apply for licensing or registration once the regulatory framework becomes fully operational.

The joint notice also issued a 48-hour deadline for VASPs who have already mounted billboards or engaged in public advertising to take them down immediately. Failure to comply will attract severe sanctions.

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The BoG and SEC urged all virtual asset operators to adhere strictly to the regulations to ensure compliance and maintain public trust in the emerging digital financial sector.

For enquiries, VASPs are advised to contact the Virtual Asset Department of the BoG or the Virtual Asset Committee at the SEC.

Virtual Asset Service Providers (VASPs) are individuals or companies that offer services involving digital assets such as cryptocurrencies and stablecoins.

They operate platforms that allow users to buy, sell, exchange, transfer, or store virtual assets. Because these services involve financial transactions and investments, VASPs are regulated to ensure consumer protection, transparency, and compliance with anti-money laundering laws.