BoG and SEC Order Immediate Removal of Crypto Advertisements as New Regulations Take Effect

Ghana’s financial regulators have launched a significant crackdown on the public promotion of digital currencies and virtual assets. In a joint directive issued on February 20, 2026, the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) ordered all Virtual Asset Service Providers (VASPs) to immediately cease mass marketing and public promotional campaigns. The regulators have set a strict 48-hour deadline for the removal of all advertisements, including large-scale billboards and branding in major cities, warning that non-compliance will result in severe sanctions.

The enforcement action is rooted in the Virtual Asset Service Providers Act, 2025 (Act 1154). Under this new legislation, virtual asset advocacy—which includes the promotion of stablecoins and other digital assets—is classified as a regulated activity. Consequently, any entity engaging in such activities is required to be formally registered and authorized by both the BoG and the SEC. Regulators expressed particular concern over the proliferation of unregulated marketing in high-traffic urban areas, emphasizing that these measures are necessary to protect consumers from high-risk investment products while the national regulatory framework is finalized.

Notably, the directive applies to all providers, including those currently participating in the regulatory sandbox. The joint statement clarified that sandbox participation does not grant an automatic license for mass promotional activities unless specifically authorized. While existing VASPs have been granted a transitional period to apply for full licensing once the regulations are fully operational, the current ban on unauthorized public marketing remains absolute to ensure a controlled and transparent environment for digital asset growth.

This move signals a tightening grip by Ghanaian authorities on the burgeoning fintech and cryptocurrency sectors. By centralizing the approval process for advertisements and requiring formal licensing for advocacy, the BoG and SEC aim to bring transparency to the market and prevent the exploitation of retail investors. As the 48-hour window closes, the financial community anticipates further guidelines that will define the long-term legal landscape for digital assets and their integration into Ghana's broader financial ecosystem.