Ghana Launches Regulatory Sandbox for Crypto Firms

Ghana has taken its first major step in regulating the cryptocurrency market by admitting 11 crypto trading platforms to its new regulatory sandbox.

The Securities and Exchange Commission of Ghana (SEC) named the admitted companies as Africoin, Blu Penguin, Goldbod, Hanypay, Hyro Exchange, HSB Global, KoinKoin, Whitebits, Vaulta, XChain, and Bsystem. These companies will operate under Ghana's Virtual Asset Service Providers Act.

The sandbox program is a controlled pilot environment where these companies can test their products and services before receiving a full license. The program runs for 12 months, but participants that demonstrate market readiness and satisfy all compliance requirements can apply for a full operating license after six months.

Ghana's Virtual Asset Service Providers Act places digital asset activity under the SEC's oversight and requires industry participants to obtain a license or register with either the SEC or the Bank of Ghana before operating in the country. The sandbox is designed to let companies test products and services under regulatory supervision, allowing regulators to learn from the pilot program.