ACCRA — Ghana’s financial regulators moved swiftly Thursday against the spread of cryptocurrency promotions. The Bank of Ghana and Securities and Exchange Commission demanded that virtual asset service providers dismantle all billboards and other public s by Saturday evening.

The 48-hour deadline leaves operators little time to act. Companies must strip branding from skylines in Accra and other cities or risk penalties, according to the joint statement.

No firm escapes the order. That includes those testing products in the regulators’ sandbox framework. ‘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 directive states.

Regulators cited a surge in flashy ads as the trigger. Billboards hawking digital currencies and stablecoins have popped up across major urban areas. Officials worry these promotions expose consumers to high-risk, unregulated products.

The crackdown ties directly to the Virtual Asset Service Providers Act, 2025 (Act 1154). Signed into law last year, it brands virtual asset advocacy as a regulated activity. Providers must register with both the BoG and SEC before promoting services.

A transition period lets existing firms apply for licenses. Promotional activities, however, stay frozen. ‘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,’ the regulators noted. They promised detailed advertising rules soon.

Providers who invested in outdoor campaigns now face a scramble. Some spent heavily on prime billboard spots in Accra’s busy districts. The order forces quick takedowns, potentially at high cost.

‘This notice is to caution VASPs who have mounted billboards and other forms of public to take them down within 48 hours of the date of this notice,’ the statement warns. ‘Failure to comply will result in severe sanctions against the offending service providers.’

Ghana joins a global trend of tightening crypto oversight. Stablecoins and cryptocurrencies have gained traction here, drawing retail investors amid economic pressures. Regulators aim to curb hype while building a licensed framework.

The BoG and SEC framed the move as consumer protection. They seek to shield Ghanaians from scams and volatility until full rules take effect. Industry watchers expect pushback from providers, though the directive brooks no delay.

For now, Accra’s billboards will go dark on crypto pitches. The regulators’ stance highlights their control over fintech’s public face. Operators wait for the next guidelines as Ghana shapes its digital asset future.