The Securities and Exchange Commission (SEC) Ghana, has admitted 11 Virtual Asset Service Providers (VASPs) into its regulatory sandbox.
The move will enable the SEC pilot its products and services in a controlled environment under the regulatory oversight of the Commission.
The eleven VASPs are Blu Penguin, HanyPay, Goldbod, Africoin, Hyro Exchange Gh Ltd., HSB Global and Koinkoin.
The rest are Whitebits, Vaulta, Xchain and Bsystem Ltd.
A statement issued by the SEC said the regulatory sandbox period will last for a period of twelve months.
“After the first six months of the 12-month period, VASPs, whose products and services are market ready and have complied with all regulatory requirements, may be transitioned to their respective activity-based license/registration”, the statement said.
It added that VASPs whose product and services are not market ready within the first six months may be allowed to continue the pilot of their product for the remaining six months.
The sandbox period aims to support responsible innovation while strengthening investor protection, market integrity, and compliance with anti-money laundering and counter-terrorism financing standards.
“Lessons from the pilot will inform future policy and licensing frameworks for virtual assets services. This will enable the SEC to gather data to develop Guidelines for the various activity-based licensing categories. The SEC shall publish these Guidelines and open up the space for licensing/registration for all VASPs to apply to be licensed under the Virtual Asset Service Providers Act, 2025 (Act 1154)”, the statement said.
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Source: www.myjoyonline.com
