BTA2023 Ghana has taken a major step toward regulating its digital asset industry as the country’s capital markets regulator launches the first pilot under its new crypto legislation.
The Securities and Exchange Commission Ghana (SEC) has admitted 11 cryptocurrency and digital asset companies into a regulatory sandbox designed to test products and services under government supervision.
The initiative marks the first implementation phase of the Virtual Asset Service Providers Act, which was passed in December 2025 to formally legalise and regulate crypto businesses in the country.
Crypto Startups Enter 12-Month Pilot
According to the SEC, the following companies will participate in the 12-month sandbox programme:
- Africoin
- Blu Penguin
- Goldbod
- Hanypay
- Hyro Exchange GH Ltd
- HSB Global
- Koinkoin
- Whitebits
- Vaulta
- Xchain
- Bsystem Ltd
The regulator said the sandbox is designed to encourage responsible innovation while ensuring investor protection and financial compliance.
“The sandbox aims to support responsible innovation while strengthening investor protection, market integrity, and compliance with anti-money laundering and counter-terrorism financing standards,” the SEC said in a statement.
The programme will allow startups to test products under regulatory supervision before moving toward full licensing.
Pathway to Full Crypto Licensing
Under the pilot framework, companies whose services are market-ready and meet compliance standards may transition to full licences within six months, while others can continue testing for the remainder of the one-year programme.
Regulators plan to use insights from the sandbox to refine operational guidelines and build a comprehensive licensing system for crypto service providers.
The initiative is being led by James Klutse Avedzi, Acting Director-General of the Securities and Exchange Commission Ghana.
Ghana’s Strategy to Become a Crypto Hub
The sandbox represents a broader strategy by Ghanaian authorities to bring clarity and regulation to the fast-growing digital asset sector.
The regulatory framework was developed through consultations between the SEC and the Bank of Ghana, following earlier policy proposals released in late 2025.
With more than three million cryptocurrency users, Ghana is positioning itself as a potential regulated digital asset hub in Africa.
A Different Approach from Nigeria
Ghana’s regulatory rollout contrasts with developments in neighboring Nigeria, where authorities have paused new admissions into the country’s crypto sandbox while building a new regulatory authority.
The initiative, supported by Nigerian President Bola Tinubu, aims to split crypto oversight between the Central Bank, tax authorities, and the national securities regulator.
Ghana’s strategy instead focuses on legalising the sector first, testing innovation through sandbox programmes, and gradually introducing full licensing frameworks.
If successful, the initiative could strengthen Ghana’s position as one of Africa’s leading jurisdictions for regulated cryptocurrency innovation.
