The Securities and Exchange Commission (SEC) Ghana has admitted 11 companies into its virtual asset regulatory sandbox to test financial technology and virtual asset services under the newly enacted Virtual Asset Service Providers Act, 2025.
The initiative forms part of the SEC’s strategy to encourage innovation in Ghana’s financial sector while ensuring that emerging technologies operate within a regulated and secure environment.
According to the Commission, the sandbox programme will run for twelve months, allowing participating firms to pilot new financial products while regulators monitor potential risks and refine licensing rules for the evolving sector.
Testing products under controlled conditions
The regulatory sandbox will provide a controlled environment where companies can test virtual asset platforms, financial technology solutions and digital investment products.
The SEC explained that firms whose products demonstrate compliance with regulatory standards within the first six months may transition into full activity-based licences. Others will continue testing their services for the remainder of the programme.
Companies admitted into the sandbox include Africoin, Blu Penguin, GoldBod, HanyPay, Hyro Exchange GH Ltd, HSB Global, KoinKoin, Whitebit, Vaulta, XChain and BSystem Ltd.
The initiative reflects growing efforts by regulators to balance technological innovation with investor protection in the rapidly expanding digital asset market.
Gold-backed digital assets under development
The inclusion of the Ghana Gold Board (GoldBod) in the sandbox programme has drawn particular interest due to its involvement in products linked to cryptocurrencies and tokenised assets.
However, the SEC clarified that its collaboration with GoldBod focuses primarily on financial instruments backed by physical gold.
Deputy Director-General for Finance at the SEC, Mensah Thompson, said the regulator is working with GoldBod to develop innovative investment products tied to the country’s gold resources.
“Currently, the SEC and GoldBod are working on a number of innovative products, particularly around derivatives and gold-backed securities including gold-backed ETFs and tokenization of gold.” - Deputy Director-General for Finance at the SEC, Mensah Thompson
Building framework for digital asset markets
Under the proposed structure, GoldBod will serve as the custodian of the gold backing such securities. The institution will handle processes such as assaying, verification and secure vaulting of the underlying assets while providing periodic reports to the SEC.
As part of the sandbox programme, GoldBod is also expected to pilot a gold tokenisation initiative through a special purpose vehicle.
Regulators believe the pilot will help develop comprehensive guidelines for gold-backed securities and tokenised gold assets within Ghana’s capital market, positioning the country to harness emerging opportunities in digital finance while maintaining regulatory oversight.
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