Dr. Johnson Asiama, BoG Governor
The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) has issued a warning to Virtual Asset Service Providers (VASPs) to desist from the advertisement of virtual asset and stablecoin products.
The regulators gave the warning following the use of mass marketing including the use of large billboards in Accra and other parts of the country by some VASPs to advertise their products.
The Central Bank, thus directed all VASPs, including those operating within the BoG and SEC sandbox, to refrain from mass marketing or public promotional campaigns on virtual assets, unless expressly authorised by the BoG and SEC.
“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,” the regulators stated in a notice indicating that detailed rules on advocacy and advertisements will be issued in due course.
It added that the Act provides for transitional arrangements for existing VASPs to apply for licensing or registration once the regime becomes operational.
“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 Central Bank concluded.
A Business Desk Report