In a sweeping crackdown on the visibility of digital currencies, financial regulators have ordered an immediate halt to all public advertising of virtual assets and stablecoins across the country.
The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC), in a joint directive issued on 20th February 2026, have given Virtual Asset Service Providers (VASPs) 48 hours to remove their branding from public spaces or face “severe sanctions.”
The move signals a hardening of the state’s stance against unregulated mass marketing in the fintech space, targeting the increasing advertisement of digital products that have recently dominated the skylines of Accra and other major cities.
The regulators clarified that no firm — regardless of its operational status — is permitted to undertake mass promotional campaigns without explicit authorisation. This includes companies operating within the regulatory sandbox, a framework designed to test innovations under supervisory oversight, which may have assumed broader flexibility.
“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,” the statement read.
The BoG and SEC expressed concern over 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).”
Central to the enforcement action is the Virtual Asset Service Providers Act, 2025 (Act 1154). Under the new law, virtual asset advocacy is classified as a regulated activity that requires formal registration with both the BoG and the SEC.
Although the Act provides a transition period for existing operators to seek licensing, the regulators stressed that the grace period does not extend to promotional activities. In effect, all public-facing marketing campaigns are suspended until the regulatory framework is fully operational.
“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,” the regulators added.
The ultimatum leaves little room for negotiation. Operators who have invested heavily in outdoor and digital advertising are now required to dismantle their campaigns within 48 hours of the notice.
“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 regulators warned.
The crackdown is widely viewed as a precautionary step to shield consumers from exposure to high-risk or unauthorised products while the BoG and SEC finalise detailed rules to govern digital asset operations in Ghana.
The joint directive marks the latest phase in Ghana’s effort to regulate a rapidly evolving digital financial ecosystem, where stablecoins and cryptocurrencies have seen growing adoption. By curbing mass marketing, authorities aim to temper speculation and strengthen oversight as the regulatory regime takes shape.
