Ghana approves 11 crypto companies to enter the regulatory sandbox; full licenses can be obtained after 6 months

The Ghana Securities and Exchange Commission announced on Tuesday that it has approved 11 cryptocurrency platforms to join a new regulatory sandbox program. This marks Ghana’s first major step toward clearer cryptocurrency regulation since the Virtual Asset Service Providers (VASP) Act was passed in December last year. The standard duration of the sandbox is 12 months, but participating companies that meet market readiness standards and all regulatory requirements could receive full licenses in as little as 6 months.

List of Approved Companies and Sandbox Operating Rules

(Source: Ghana Securities and Exchange Commission)

According to the Ghana SEC announcement, the following 11 cryptocurrency companies have been approved to enter the regulatory sandbox to trial their products and services: Africoin, Blu Penguin, Goldbod, Hanypay, Hyro Exchange, HSB Global, KoinKoin, Whitebits, Vaulta, XChain, and Bsystem.

These companies will operate under the supervision of the Ghana SEC within a controlled environment and must adhere to key requirements:

Compliance Period: The sandbox program lasts 12 months; companies that perform well can obtain full licensing after 6 months.

Anti-Money Laundering Standards: All participants must strictly comply with AML and counter-terrorism financing standards.

Consumer Protection: The sandbox framework aims to promote crypto innovation while ensuring adequate consumer protection measures.

Policy Feedback Mechanism: Lessons learned from the pilot will directly influence future crypto market policies in Ghana.

VASP Law: The Foundation of Ghana’s Crypto Regulatory Framework

The legal basis for this sandbox approval is the VASP Act, passed in Ghana in December 2025. The law stipulates that all digital asset activities are regulated by the Ghana SEC, and industry participants must obtain licenses or register with the Bank of Ghana or SEC to operate legally within Ghana.

The regulatory sandbox is a core component of the VASP Law, allowing crypto companies to validate their business models in a supervised environment before full licensing, reducing policy risks and fostering innovation. Ghana states that practical experience from this pilot will directly impact the development of broader future policy frameworks.

Foreign Investment and Growth Trends in Africa’s Crypto Market

The launch of this sandbox program coincides with Blockchain.com’s announcement on Monday to expand into Ghana. A spokesperson for Blockchain.com said the company will focus on expanding crypto payment infrastructure in Ghana, emphasizing “integration with the mobile payment ecosystem,” reflecting the high adoption of mobile payments in the country.

From a macro perspective, Ghana is one of Africa’s larger economies, known for small crypto transactions under $1,000. According to a Chainalysis report in September, the value of cryptocurrencies received in Sub-Saharan Africa from July 2024 to June 2025 increased by 52% year-over-year, exceeding $205 billion. Nigeria leads with over $92 billion, followed by South Africa, Ethiopia, Kenya, and Ghana.

Frequently Asked Questions

Q: Which companies have been approved to enter Ghana’s crypto regulatory sandbox?
A: Eleven companies have been approved: Africoin, Blu Penguin, Goldbod, Hanypay, Hyro Exchange, HSB Global, KoinKoin, Whitebits, Vaulta, XChain, and Bsystem. They will trial their crypto products and services under Ghana SEC supervision.

Q: What is the fastest licensing path within Ghana’s crypto sandbox?
A: The standard duration of the sandbox is 12 months. However, if participating companies demonstrate market readiness and meet all regulatory requirements, they can obtain full licenses in as little as 6 months without waiting for the full trial period.

Q: How does Ghana’s VASP Law regulate the crypto industry?
A: The Ghana VASP Law mandates that all digital asset activities are regulated by the Ghana SEC. Industry participants must obtain licenses or register with the Bank of Ghana or SEC to operate legally. The sandbox is a key mechanism of the VASP Law, allowing companies to conduct supervised business trials before full licensing.