VASPs cautioned over unlawful virtual assets, stable coins advertisement
THE Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have cautioned Virtual Asset Service Providers (VASPs) to desist from advertising virtual assets and stable coins.
According to the two organisations, there were increasing advertisement of virtual asset and stable coin products, including the use of large billboards in Accra and other parts of the country.
In a joint statement issued by the BoG and SEC in Accra on Friday and copied to The Ghanaian Times, directed the all VASPs, including those operating within the BoG and SEC sandbox to refrain from the practice.
“All VASPs 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 said.
The statement mentioned that virtual asset advocacy was a regulated activity under the Virtual Asset Service Providers Act, 2025 (Act 1154), and required registration with the BoG and SEC. It said detailed rules on advocacy and advertisements would be issued in due course.
In another development, Ghana has maintained its position as the world’s leading country in mobile money regulation with an overall score of 96.10 per cent, from 95.06 per cent in the previous year.
Ghana’s performance in mobile money regulation is contained in the Global System for Mobile Communications Association (GSMA) and Mobile Money Regulatory Index (MMRI) 2025.
A statement issued by the Communication Department of the Bank of Ghana (BoG) on Friday and copied to The Ghanaian Times, said the milestone underscored Ghana’s leadership in creating a world-class regulatory environment that enabled mobile money services to thrive, drive financial inclusion and foster innovation in the digital financial ecosystem.
According to the GSMA, the MMRI measured the effectiveness of mobile money regulatory frameworks across 90 countries, and can be assessed at the following website: https://www.gsma.com/mobile-money-metrics/#regulatory-index.
“This ranking reflects the country’s commitment to progressive policies and robust oversight in the mobile money ecosystem, ensuring consumer protection, and operational integrity, and positions the country as a global benchmark for regulatory excellence in digital financial services,” the statement explained.
Furthermore, it noted that the BoG would continue to collaborate with relevant stakeholders in the implementation of policies aimed at sustaining Ghana’s progress toward a fully inclusive and digitally empowered economy
BY KINGSLEY ASARE
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