Ghana’s Securities and Exchange Commission (SEC) expects the first companies testing virtual asset services under its regulatory sandbox to qualify for full licences by early 2027, as the regulator works towards implementing the country’s new digital asset framework.
The SEC Director-General, Dr James Klutse Avedzi, gave the timeline at the maiden African Virtual Assets Summit (AVAS 2026) in Accra on Monday, November 2.
He said 20 companies had been admitted into the SEC’s Virtual Asset Service Providers Regulatory Sandbox, up from an initial 11 announced in March 2026.
The companies are undergoing a 12-month supervised testing programme. Those that meet the regulatory requirements will be eligible to apply for full licences after completing the programme.
The SEC is using the sandbox to gather information on how different virtual asset services operate before finalising licensing requirements. These include minimum capital levels, custody standards, disclosure obligations and investor protection measures.
The requirements are still being developed, Dr Avedzi said.
The regulatory process comes after Parliament passed the Virtual Asset Service Providers Act, 2025 (Act 1154), providing a legal framework for businesses operating in the sector.
Tokenisation and regulatory gaps
Dr Avedzi said tokenisation had been included as a licensing category under the framework, alongside virtual asset issuance and virtual asset exchange-traded funds.
The technology allows ownership rights or claims over assets to be represented by digital tokens. Its potential applications include financial instruments, commodities and property.
The SEC is examining the use of tokenisation in real-world assets, including Ghana’s gold supply chain.
However, the Director-General identified unresolved legal questions around tokenised assets, particularly how digital ownership claims would relate to existing property laws, whether those claims could be enforced and how secondary markets would be regulated.
He said the SEC would oversee virtual asset activities linked to capital markets, including tokenised securities and investment products, while the Bank of Ghana would handle payment-related and monetary aspects of the sector.
The two institutions are responsible for coordinating regulation under the new framework.
Ghana’s virtual asset regime is therefore not yet fully operational. Companies are still being tested in the sandbox, and the licensing rules that will govern their activities have not been finalised.
The first sandbox participants are expected to complete the process and become eligible for full licensing between late 2026 and early 2027.
The maiden African Virtual Assets Summit is being held at the Kempinski Hotel Gold Coast City from November 2 to 3 under the theme, “Tokenisation, Africa’s Pathway Towards Building a Trusted, Inclusive, and Innovative Virtual Asset Ecosystem.”
