By: Nana Karikari, Senior Global Affairs Correspondent
The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have launched a sudden enforcement action against the cryptocurrency sector. In a joint directive issued on February 20, 2026, the regulators ordered the immediate removal of all virtual asset billboards across the country. Companies have been granted a 48-hour window to comply or face significant legal penalties.
A Sudden Silence for Crypto Brands
The skyline of Accra, once filled with vibrant advertisements for stablecoins and digital exchanges, is expected to change by the end of the weekend. This move targets Virtual Asset Service Providers (VASPs) that have aggressively marketed their products to the Ghanaian public. The regulators noted with concern the “increasing advertisement of virtual asset and stablecoin products, including the use of large billboards in Accra and other parts of the country by certain Virtual Asset Service Providers (VASPs).”
This crackdown reflects a shift from passive observation to active policing of financial borders. By removing these visual cues, the state aims to reduce the “hype” that often drives retail investors toward volatile digital assets.
Strict Limits on Innovation Hubs
Even firms participating in the government’s own innovation programs are not exempt from this blackout. The directive clarifies that membership in a regulatory sandbox does not grant a license for mass promotion. According to the joint statement, “All VASPs, including those operating within the BoG and SEC sandbox, are hereby directed to refrain from mass marketing or public promotional campaigns on virtual assets, unless expressly authorised by the BoG and SEC.”
This suggests that the sandbox is intended for technical testing rather than brand building. It creates a level playing field where no firm can claim state-sanctioned legitimacy to lure in new customers before the final rules are set.
The New Legal Framework for Advocacy
The enforcement is anchored in the Virtual Asset Service Providers Act, 2025 (Act 1154). This legislation introduces a novel concept where promoting a digital asset is now treated as a professional, regulated activity. The regulators stated that “furthermore, virtual asset advocacy is a regulated activity under the Virtual Asset Service Providers Act, 2025 (Act 1154), and requires registration with the BoG and SEC. Detailed rules on advocacy and advertisements will be issued in due course.”
While the Act provides transitional arrangements for existing operators to apply for licensing once the regime is fully operational, these provisions do not permit ongoing marketing. Effectively, all public-facing sales pitches are suspended during this interim period.
Balancing Protection and Progress
The 48-hour ultimatum serves as a high-stakes warning to the industry. The regulators were explicit about the consequences of defiance. “This notice is to caution VASPs who have mounted billboards and other forms of public advertisement to take them down within 48 hours of the date of this notice. Failure to comply will result in severe sanctions against the offending service providers,” the statement warned.
For those seeking further clarification, the regulators have advised stakeholders to direct enquiries to the Head of the Virtual Asset Department at the Bank of Ghana or the Chair of the Virtual Asset Committee at the SEC. By pausing the hype, the government is attempting to ensure that when the gates finally open, the public enters a market that is both transparent and secure.
