Bank of Ghana and SEC Order Crypto Firms to Remove All Billboards Within 48 Hours
Joint regulatory directive targets aggressive cryptocurrency advertising in Accra, requiring Virtual Asset Service Providers to cease mass marketing or face severe sanctions.
Ghana’s financial regulators have delivered one of the strongest interventions yet in the country’s evolving digital asset landscape, ordering all Virtual Asset Service Providers to immediately remove cryptocurrency billboards and cease mass marketing activities.
In a joint directive issued on February 20, 2026, the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) gave firms a 48-hour window to comply or face significant legal penalties.
The skyline of Accra, previously filled with vibrant advertisements for stablecoins and digital exchanges, has already begun to change as operators scramble to comply with the directive.
Regulatory Concerns
The two regulators expressed deep 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.”
Importantly, the directive applies without exception to all VASPs, including those currently operating within regulatory sandbox arrangements. No firm, regardless of its operational status, is permitted to undertake mass promotional campaigns without explicit authorisation from both regulators.
“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 declared.
Legal Framework
Central to the enforcement is the newly enacted Virtual Asset Service Providers Act, 2025 (Act 1154). Under this legislation, virtual asset advocacy is now classified as a regulated activity requiring formal registration with both the central bank and the SEC.
While the Act provides a transition period for existing firms to seek licensing, regulators made clear that this “grace period” does not extend to promotional activities. All public-facing marketing is effectively suspended until the full regulatory regime becomes operational and detailed advertising rules are published.
The Bank of Ghana has established a dedicated Virtual Assets Regulatory Office (VARO) to oversee compliance as the licensing framework takes shape.
Market Context
The crackdown comes amid rapid growth in Ghana’s digital asset sector. The country recorded over $10 billion in cryptocurrency transactions by November 2025, up from roughly $6 billion the previous year. VASPs investing in large-format outdoor advertising across Accra were signalling consumer-facing ambitions running ahead of the regulatory timeline.
By pausing promotional activities while frameworks solidify, authorities aim to prevent consumer exposure to potentially unregulated or unauthorised products. The directive represents a defensive measure to ensure that when licensing gates finally open, the public enters a market that is both transparent and secure.
Compliance Requirements
VASPs seeking clarification have been advised 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.
The 48-hour ultimatum has forced operators who invested heavily in outdoor media and digital campaigns to undertake immediate and costly dismantling exercises. Industry observers note that the directive marks a maturation of digital asset regulation in West Africa, with Ghana asserting control over market narratives before full licensing begins.
“This notice is to caution VASPs who have mounted billboards and other forms of public advertisement to take them down within 48 hours. Failure to comply will result in severe sanctions.”
— Joint BoG-SEC statement