Twelve companies selected by Ghana’s Securities and Exchange Commission (SEC) are now on the way to determining whether or not their respective digital asset services will meet the regulatory thresholds of the country’s capital markets regulator and consequently, whether or not they will be allowed to engage in a full-blown rollout of their products and services to their targeted customers among the wider public.
In March 2026, Ghana’s capital markets regulator, the Securities and Exchange Commission Ghana (SEC), took a decisive step toward formalising the country’s digital asset ecosystem by launching a regulatory sandbox for Virtual Asset Service Providers (VASPs). The move, which has admitted an initial cohort of a dozen firms, is directly anchored in the newly enacted Virtual Asset Service Providers Act, 2025 (Act 1154)—a landmark law that provides the legal basis for licensing, supervising and regulating crypto-related activities in the country. Business Post can now confirm that the selected companies are now conducting limited scope test runs, which will be assessed by SEC between later this year and early next year, prior to a decision whether to allow them offer those products and services to the public, whether to extend the test period, or whether to simply shut them down.
The sandbox, officially announced on March 10, 2026, is designed as a controlled testing environment where selected firms can pilot blockchain-based financial products under close regulatory supervision. According to the SEC, the initiative is part of efforts “to operationalise” Act 1154 and ensure that innovation in digital finance evolves within a structured, compliant framework.
The passage of Act 1154 in late 2025 fundamentally altered Ghana’s regulatory landscape for virtual assets. The law legalised crypto-currency-related activities—though not as legal tender—and mandated that all VASPs must be licensed or registered by relevant authorities, including the SEC and the Bank of Ghana.
However, regulators have faced a practical challenge: how to develop appropriate licensing standards for a fast-evolving sector with limited domestic precedent. The sandbox model provides a solution by allowing regulators to observe live operations before finalising comprehensive rules.
“The sandbox shall provide a controlled environment… to test innovative virtual asset products and services,” the SEC said in a January 2026 notice, emphasising that lessons from the pilot phase would inform future licensing frameworks.
This approach aligns with global best practice, balancing innovation with risk management—particularly in areas such as anti-money laundering (AML), consumer protection and cyber-security.
Who is up for the test… and the rules?
Selection for the sandbox was not automatic. Applicants were required to undergo rigorous assessment covering their business models, governance structures and risk controls. According to regulatory guidance, firms had to demonstrate robust AML and compliance systems, clear custody and safeguarding arrangements for digital assets, adequate consumer protection mechanisms, and transparent operational structures with identifiable management
In addition, foreign firms needed to show regulatory oversight in their home jurisdictions and meet local participation requirements.
These criteria ensured that only firms with credible, market-ready propositions—and the capacity to operate responsibly—were admitted into the sandbox.
Participation in the sandbox is governed by detailed guidelines issued by the SEC in March 2026. These guidelines establish a “controlled, live testing environment” subject to strict eligibility criteria, reporting obligations and supervisory oversight.
The sandbox runs for 12 months, divided into two distinct phases. During the first six months, firms must demonstrate that their products are market-ready and compliant with regulatory requirements. During the second six months firms that need further refinement may continue testing, while those that meet all conditions can transition early to formal licensing.
Throughout the period, participants will operate under close monitoring, with the SEC retaining the authority to impose restrictions, require periodic reporting, or terminate participation if risks become unacceptable.
An operator from Africoin, one of the selected firms, welcomed the initiative, describing sandbox admission as “validation that the compliance framework i. being built the right way.”
The sandbox is not an end in itself but a transitional mechanism toward full regulation. At the end of the 12-month period, outcomes will be determined by performance.
Successful participants that meet all regulatory requirements will be granted activity-based licences or registrations under Act 1154. Partially compliant firms may be given additional time or required to reapply under revised conditions. Non-compliant operators risk exclusion from the formal licensing regime.
Crucially, the SEC will also use insights gathered during the sandbox to finalise detailed licensing guidelines for various categories of VASPs, including exchanges, tokenisation platforms and asset managers.
This data-driven approach is expected to shape Ghana’s long-term regulatory architecture for digital assets.
The SEC has admitted 12 firms into the initial cohort, including Goldbod, the higly visible state regulator of artisanal gold mining and trading. The others include BSystems, Africoin, Blu Penguin, Vaulta and XChain operating across tokenisation, exchanges and blockchain infrastructure.
GoldBod, the state-backed gold entity, has been admitted to pilot gold-tokenisation initiatives. GoldBod will serve as the custodian and verifier – responsible for the assaying, verification, and vaulting – of physical gold supporting these digital securities, aiding the SEC in developing formal guidelines for gold-backed assets within Ghana’s capital market.
BSystems has a long-standing history as an Oracle Partner and software developer in Ghana and seeks to offer products that bridge traditional finance and digital services such as BVirtual, a Virtual Debit Card that allows users to load funds and spend online without exposing traditional bank details; Peoplespay, a mobile payment app that facilitates interoperability between mobile money, bank accounts, and the purchase of over 60 different digital gift cards; and its Collateral Registry System, an online trading platform and reporting system used by financial institutions.
WhiteBIT, is one of Europe’s largest cryptocurrency exchanges, has officially expanded into Africa by entering Ghana SEC’s crypto regulatory sandbox. WhiteBIT is recognized as the only international exchange platform among the 12 firms in the sandbox, providing access to over 900 trading pairs and more than 350 assets
Africoin is a Rwanda-based blockchain platform in the form of a “basket-pegged” stable coin designed for savings and payments. It focuses on tokenizing African commodities and natural resources to provide secure, blockchain-based, and compliant investment opportunities by tokenizing real-world assets (RWA) such as commodities and carbon credits, to enable fractional ownership, increase liquidity, and facilitate cross-border investments into Africa’s resource-driven economy.
Blu Penguin is undergoing test runs for its digital payments on various platforms including MTN MoMo, AT Cash, Telecel Cash, Visa Cards and Master Cards
HanyPay’s participation involves testing its fintech platform, which facilitates digital payments and money transfers, aligning its operations with the new VASP Act.
Hydro Exchange Gh Ltd’s participation is to pilot and test its crypto trading and exchange services under SEC supervision, ensuring compliance with anti-money laundering (AML/CFT) standards.
KoinKoin is another cryptocurrency trading platform being put to the test. Launching first in Ghana and Nigeria it connects people, businesses and markets through secure blockchain infrastructure, operating as a digital asset platform in both countries
Then there is Vaulta, which delivers end-to-end digital asset infrastructure for stable coins, tokenized assets, liquidity service and treasury management designed for modern institutions, developers and fintechs in emerging markets such as Ghana’s. Its platform has been designed to empower secure access, intelligent automation, and seamless integration across the entire digital finance lifecycle.
A broader policy signal
Beyond its immediate operational goals, the sandbox signals Ghana’s intent to position itself as a regulated hub for digital finance in West Africa. By combining legislative clarity with experimental regulation, authorities aim to foster innovation while safeguarding financial stability.
As the Bank of Ghana has indicated, the objective is not to create a parallel financial system but to extend the existing one into the digital asset space.
For market participants, the message is equally clear: innovation is welcome—but only within a framework that prioritises transparency, accountability and investor protection.
With the sandbox now underway, the coming months will determine how effectively Ghana can translate its regulatory ambition into a functioning, trusted digital asset ecosystem.
By: Toma Imirhe / businesspostonline
