BoG and SEC Order Immediate Removal of Crypto Billboards in 48 Hours

Introduction

In a sweeping regulatory action, Ghana’s Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have jointly ordered the immediate removal of all cryptocurrency-related billboards across the country. This directive, issued on February 20, 2026, marks a significant escalation in the government’s efforts to regulate the rapidly growing digital asset sector. The move affects all Virtual Asset Service Providers (VASPs), including those operating within regulatory sandboxes, and signals a tightening of oversight on public marketing of virtual assets and stablecoins.

Key Points

Background

Ghana has witnessed a surge in the adoption of cryptocurrencies and stablecoins in recent years, with digital asset companies aggressively marketing their products through large billboards in major cities like Accra. This rapid growth has prompted regulatory concern over consumer protection and market stability. The Bank of Ghana and the Securities and Exchange Commission have been working to establish a comprehensive regulatory framework for the digital asset sector, culminating in the passage of the Virtual Asset Service Providers Act, 2025.

Analysis

The joint directive from BoG and SEC represents a significant hardening of the regulatory stance towards the cryptocurrency industry in Ghana. By targeting public advertising, the regulators aim to curb the mass marketing of virtual assets and stablecoins, which they view as potentially misleading or risky for consumers. This move is particularly noteworthy as it applies even to VASPs operating within the regulatory sandbox, a framework typically designed to foster innovation under controlled conditions.

The timing of this directive, coming shortly after the enactment of Act 1154, suggests that the regulators are keen to assert their authority and set clear expectations for the industry. By prohibiting public promotional campaigns without express authorization, BoG and SEC are effectively creating a pause in the market’s visibility while they finalize detailed regulations.

This action also reflects a broader global trend of increased scrutiny and regulation of the cryptocurrency sector. Many countries are grappling with how to balance innovation in digital finance with consumer protection and financial stability. Ghana’s approach, which includes both a licensing regime and restrictions on public marketing, aligns with the strategies adopted by several other nations.

Practical Advice

For VASPs operating in Ghana, this directive necessitates immediate action:

1. **Immediate Compliance**: Begin the process of removing all crypto-related billboards and public advertisements within the 48-hour window.
2. **Internal Review**: Conduct a thorough review of all marketing materials and strategies to ensure future compliance with upcoming regulations.
3. **Engage with Regulators**: Reach out to BoG and SEC to understand the licensing process and seek clarification on permitted promotional activities.
4. **Diversify Marketing Channels**: Explore alternative, compliant marketing strategies that do not rely on public billboards or mass campaigns.
5. **Stay Informed**: Keep abreast of further regulatory developments, as detailed rules on advocacy and advertisements are expected to be issued soon.

FAQ

Conclusion

The BoG and SEC’s order to remove all crypto billboards within 48 hours marks a pivotal moment in Ghana’s approach to regulating the digital asset sector. This decisive action underscores the government’s commitment to establishing a robust regulatory framework for virtual assets, prioritizing consumer protection and market stability. As the industry adapts to these new restrictions, it will be crucial for VASPs to engage proactively with regulators and prepare for the detailed rules that are expected to follow. This development not only shapes the future of cryptocurrency marketing in Ghana but also reflects the broader global trend towards increased oversight of the digital asset industry.