Ghana’s Securities and Exchange Commission has finalized its regulatory sandbox framework under the Virtual Asset Service Providers Act, 2025 (Act 1154), admitting eleven companies into a 12-month pilot program.
How it works
The 12-month sandbox will run in two phases. VASPs that are market-ready and compliant within the first 6 months may transition early to activity-based licenses.
Those not yet ready can continue piloting for the remaining 6 months
Why it matters
The sandbox marks Ghana’s first structured attempt to regulate crypto and virtual asset businesses, bringing them under formal SEC oversight while the country develops permanent licensing rules.
The 11 admitted companies
- Africoin
- Blu Penguin
- Goldbod
- HanyPay
- Hyro Exchange GH Ltd
- HSB Global
- KoinKoin
- WhiteBits
- Vaulta
- XChain
- BSystem Ltd
What They’re Saying
“When KoinKoin entered the Ghanaian market, we made a deliberate choice to build within the rules, not around them. Being named in this first cohort by SEC Ghana is confirmation that patience and compliance pay off. Ghana is not waiting for the West to write the rulebook. Ghana is writing its own, and KoinKoin is proud to be part of that story,” – Mimi Kufuor, Global Chief Operating Officer of KoinKoin.
What’s next
Lessons from the pilot will directly shape SEC guidelines across activity-based licensing categories under Act 1154. Once finalized, the SEC will open licensing applications to all VASPs operating in Ghana.
