The Virtual Asset Service Providers Association (VASPA) warmly congratulates the Securities and Exchange Commission of Ghana (SEC Ghana) on the official launch of its Virtual Asset Service Providers regulatory sandbox, announced on 10 March 2026 under Notice No. SEC/PR/001/03/2026. This announcement, made by virtue of the Virtual Asset Service Providers Act, 2025 (Act 1154), represents a defining moment not only for Ghana but for the broader African virtual asset landscape. It is a milestone for the ecosystem.
The admission of eleven (11) virtual asset service providers (VASPs) into Ghana’s inaugural regulatory sandbox is a concrete demonstration that African financial regulators can lead on innovation – not merely respond to it. VASPA commends SEC Ghana for operationalizing a structured, activity-based licensing framework that prioritizes investor protection, market integrity, and AML/CFT compliance, while creating room for responsible experimentation.
A Framework Worth Noting
The Ghana SEC sandbox framework contains several features that VASPA considers instructive for the wider continent:
- A defined 12-month sandbox window, with a six-month mid-point review that allows market-ready VASPs to transition to activity-based licensing – reducing regulatory uncertainty while maintaining oversight.
- An explicit commitment to use sandbox data to develop and publish guidelines across the full range of VASP activity categories – a model of evidence-based regulation.
- A diverse cohort of sandbox participants, spanning exchange, custody, payments, and infrastructure services – signalling regulatory openness to the full breadth of the virtual asset industry.
Recommendations for Optimal Implementation
As observed across various emerging markets—particularly within the African continent—regulatory sandboxes can sometimes inadvertently stifle the innovation they were designed to protect. Without stringent adherence to global best practices, sandboxes often suffer from a lack of transparency and operational accountability. In some jurisdictions, these well-intentioned programs have unfortunately devolved into “dead ends,” trapping innovators in indefinite holding patterns without a clear path to full licensing.
To ensure the SEC Ghana’s initiative actively avoids these common pitfalls and successfully gathers the necessary data to develop robust Guidelines, we respectfully recommend integrating the following global best practices into your operational framework, drawing on the gold standards set by the UK’s Financial Conduct Authority (FCA) and the Monetary Authority of Singapore (MAS):
- Dedicated Case Officers: Given that 11 VASPs have been admitted, assigning dedicated SEC liaison officers to each participant—or specific cohorts within the group—is vital. Much like the FCA’s regulatory guidance, this ensures continuous, documented, and accountable communication, preventing operational bottlenecks and fostering a collaborative, rather than adversarial, relationship.
- Iterative Feedback Loops: As the participation of these 11 VASPs provides the SEC with the opportunity to validate draft guidelines under the Schedule in Act 1154, maintaining an open forum for bi-directional feedback is crucial. Regulatory assumptions should be actively tested and revised based on real-time pilot data, treating the sandbox as a learning tool for the Commission just as much as a testing ground for the firms.
- Seamless Transition Phase: The most significant failure point of sandboxes is the transition phase. The SEC should ensure that the process for transitioning a successful VASP to an activity-based license after the 6- or 12-month mark is highly streamlined. Avoiding a scenario where companies must pause operations indefinitely while waiting for what often ends up bureaucratic finalization is critical so Ghana can ensure that it maintains business continuity for these innovators.
- Transparent Evaluation Metrics and Defined Exit Criteria: To prevent the sandbox from becoming an ambiguous trap, the SEC must define and publish the exact Key Performance Indicators (KPIs) and compliance metrics that dictate what constitutes a market-ready VASP. The UK FCA model excels because innovators agree on a testing plan with clear, objective milestones before entry, ensuring they know exactly what is required to exit the sandbox successfully.
By adopting these operational standards, the SEC Ghana will not only build an efficient regulatory sandbox but also ensure a frictionless transition when it is time to publish the final Guidelines and open the licensing space to all VASPs under Act 1154.
A Call for Continental Collaboration
VASPA also calls on regulators and industry associations across Africa to treat developments such as Ghana’s sandbox launch as an opportunity for continental learning and cooperation. Regulatory fragmentation remains one of the greatest barriers to the growth of a pan-African virtual asset economy. We encourage the sharing of sandbox findings, licensing frameworks, and supervisory experiences across jurisdictions, including through existing regional bodies and emerging Africa-focused policy forums.
Collaboration with SEC Ghana
As a community of VASPs in Africa, VASPA looks forward to engaging with SEC Ghana, Ghanaian industry stakeholders, and sandbox participants as part of our ongoing commitment to building a well-regulated, interoperable, and inclusive virtual asset ecosystem across Africa. We welcome an opportunity for collaboration in the best interest of the virtual asset industry and SEC Ghana’s goals of market development and consumer protection and investor safety.
About VASPA
The Virtual Asset Service Providers Association (VASPA), incorporated in September 2024 and headquartered in Nigeria, is the premier Africa-focused advocacy group for the virtual asset industry. Our mission is to foster innovation, harmonize regulation, and build a safe and thriving virtual asset ecosystem across the African continent. VASPA engages innovators, regulators, policymakers, and the broader stakeholder community to promote responsible innovation, regulatory clarity, and consumer protection within Africa’s virtual asset sector.
We look forward to collaborating with SEC Ghana to execute a successful regulatory sandbox that accelerates the growth of Ghana’s digital economy and serves as a blueprint for the rest of Africa.
Yours sincerely,
Gabriel Eze Favour Uche
Assistant Secretary-General Assistant Policy & Regulatory Affairs Lead
Buki Ogunsakin Senator Ihenyen
Trustee Founding Trustee
About VASPA
The Virtual Asset Service Providers Association (VASPA) is a Pan-African industry body registered as an Incorporated Trustee with the Corporate Affairs Commission in Nigeria (CAC IT: 79069970) where it is headquartered. VASPA comprises individual, corporate, and institutional members from across Africa. For more information about us, please visit our website, www.vaspa.org. To become a Patron or Partner of VASPA, visit our Membership page: https://vaspa.org/become-a-member/. Individual and corporate members are also welcomed.
