The Bank of Ghana, in collaboration with the Securities and Exchange Commission (SEC), have warned Virtual Asset Service Providers (VASPs) pull down all branding and every form of advertisement from the public eye within the next 48 hours.

The financial market regulators disclosed the ultimatum in a joint statement dated February 20, warning that failure to comply will attract "severe sanctions".

“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 move is to protect ordinary Ghanaian consumers from being exposed to financial losses, signalling the state’s hardening of its 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.

According to BoG and SEC, no firm or entity has the right to indulge in such promotional campaigns without the legal clearance by the appropriate bodies, including these VASPs.

This includes companies currently operating within the "regulatory sandbox", a framework designed for testing innovations under supervision, who might have assumed they had more leeway.

“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 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 (VASPs).”

Central to this enforcement is the newly minted Virtual Asset Service Providers Act, 2025 (Act 1154). Under this legislation, the very act of advocating for virtual assets is now a regulated profession requiring formal registration with both the central bank and the SEC.

While the Act allows for a transition period for existing firms to seek licensing, the regulators have made it clear that this "grace period" does not extend to promotional activities. Effectively, all public-facing sales pitches are suspended until the regulatory regime 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 crackdown is interpreted as a defensive measure to prevent consumer exposure to high-risk or unauthorised products while the BoG and SEC finalise the detailed rules that will govern the future of digital asset trade in Ghana.

Meanwhile, Ghana’s remittances ecosystem is currently undergoing a rapid transformation, given its continued role contributing to the country’s socio-economic, the Bank of Ghana (BoG) has released a revised set of rules for the fast emergence of International Money Transfer Operators (IMTOs), who, through partnerships with licensed payment service providers and banks, play a critical role in facilitating the smooth and secure the flow of funds into Ghana.

In a 16-page document shared on Friday, January 2, the central bank has outlined new rules to “foster a secure and enabling environment for remittance services ” in Ghana.

The document outlines a set of guidelines on legality, transparency, accountability, consumer protection, and robust data security for all remittance services for IMTOs in Ghana.

The guidelines include, “Legality and Enforceability where all IMTO activities must comply with relevant laws, directives and notices as prescribed by the Bank of Ghana. Transparency: An IMTO shall provide accurate, timely, and complete information on services, fees, charges, and exchange rates to promote accountability and consumer trust. Accountability: An IMTO, including its board, management, and agent, shall be responsible for ensuring compliance with regulatory obligations and the safe conduct of inward remittance operations.

Also on consumer protection, “an IMTO shall uphold fair treatment, privacy, and effective mechanisms for complaint resolution to safeguard customer rights. Technology neutrality: An IMTO may utilise any technology or delivery channel, provided they comply with regulatory standards for interoperability, security, operational efficiency, and consumer protection. Data protection and privacy: An IMTO shall safeguard customer information, ensuring confidentiality, integrity, and compliance with the Data Protection Act, 2012 (Act 843) and relevant international standards.”

Ghana’s Data Protection Act, 2012 (Act 843) establishes the legal framework for protecting personal data, regulates how organisations collect, store, and use it, and creates the Data Protection Commission to enforce compliance.