The Securities and Exchange Commission (SEC) has admitted eleven Virtual Asset Service Providers (VASPs) into its regulatory sandbox as part of efforts to implement Ghana’s new law governing digital assets.
The pilot programme is designed to allow selected firms to test their virtual asset products and services under the supervision of the regulator before they are granted full operational licences.
The initiative forms part of the implementation of the Virtual Asset Service Providers Act, 2025 (Act 1154), which establishes the legal framework for regulating virtual asset activities such as cryptocurrency exchanges, digital payment platforms, and other blockchain-based financial services in Ghana.
According to the SEC, the sandbox arrangement will enable the Commission to closely monitor the operations of participating firms within a controlled environment. This will allow regulators to assess the risks, compliance standards, and operational readiness of the companies before permitting them to operate fully in the market.
The eleven firms admitted into the sandbox are Blu Penguin, HanyPay, Goldbod, Africoin, Hyro Exchange Gh Ltd., HSB Global, Koinkoin, Whitebits, Vaulta, Xchain and Bsystem Ltd.
The SEC explained that the sandbox programme will run for twelve months. However, after the first six months, firms whose products prove to be market-ready and compliant with regulatory standards may transition to full activity-based licences or registration.
Companies whose products require further development will be allowed to continue testing their solutions for the remaining six months of the pilot period.
The Commission said the initiative aims to encourage responsible innovation within the virtual asset ecosystem while ensuring strong investor protection, market integrity, and strict compliance with anti-money laundering and counter-terrorism financing regulations.
It added that insights gathered from the pilot programme will guide the development of future policies and licensing frameworks for virtual asset service providers in Ghana.
The SEC also indicated that, following the pilot phase, it will publish detailed guidelines and formally open the licensing and registration process for all firms seeking to operate under the Virtual Asset Service Providers Act.
Founder and Chief Executive Officer of HanyPay, Hugh Aryee, welcomed the development, describing the company’s inclusion in the sandbox as an important milestone toward regulatory recognition.
According to him, the programme allows HanyPay to test its platform under government supervision as it works toward becoming a fully licensed fintech and virtual asset service provider.
