Ghana has officially launched a regulatory sandbox for virtual assets including cryptocurrency-related services, with 11 companies selected to participate in a year-long pilot program.
This marks a significant step in formalizing and regulating the country’s crypto and digital asset sector following the passage of the Virtual Asset Service Providers Act (2025) in December 2025. The Securities and Exchange Commission (SEC) of Ghana announced the participants on Tuesday (March 10, 2026). The sandbox allows these firms to test their products and services in a controlled, supervised environment.
The goal is to foster responsible innovation while ensuring investor protection, market integrity, and compliance with anti-money laundering (AML) and counter-terrorism financing standards. The 11 participating companies are: Africoin focused on tokenized gold. Blu Penguin (tokenized payment systems). Goldbod (custodian for gold-backed securities). Hanypay (exchange). Hyro Exchange GH Ltd (exchange, HSB Global (exchange), Koinkoin (exchange), Whitebits, Vaulta (global asset tokenization), Xchain (global asset tokenization), Bsystem Ltd (global asset tokenization)
Companies that perform well and meet requirements after six months may qualify for full licenses, accelerating the path to regulated operations. This initiative builds on Ghana’s broader shift toward regulated digital assets, amid growing crypto adoption in the region (Ghana saw significant transaction volumes in recent years).
Note that this is separate from the Bank of Ghana’s ongoing work on the eCedi (its central bank digital currency pilot), which focuses on a retail CBDC rather than private cryptocurrencies. The move positions Ghana as a leader in West Africa for structured crypto regulation, balancing innovation with oversight.
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Nigeria’s cryptocurrency regulations have evolved significantly in recent years, shifting from a restrictive stance to a structured, licensed framework. Cryptocurrency is legal in Nigeria, but it operates under tight regulation focused on investor protection, anti-money laundering (AML), counter-terrorism financing (CFT), taxation, and financial stability.
In 2021, the Central Bank of Nigeria (CBN) imposed a ban prohibiting banks from facilitating cryptocurrency transactions, pushing much activity to peer-to-peer (P2P) trading. This ban was lifted in December 2023, when the CBN issued guidelines allowing banks to open accounts for licensed Virtual Asset Service Providers (VASPs), acknowledging global trends and the need for oversight rather than prohibition.
The Securities and Exchange Commission (SEC) has led much of the formal regulation since 2022, with rules on digital assets. The cornerstone is the Investments and Securities Act (ISA) 2025, signed into law in March 2025 (sometimes referenced with 2026 effective dates in reports). This act: Classifies digital assets including cryptocurrencies like Bitcoin as securities.
Places them under the primary oversight of the SEC. Requires all crypto-related businesses to register and obtain licenses as VASPs or in related categories. The SEC’s framework building on 2022 rules, with updates and amendments in 2024–2025 covers: Issuance of digital assets (e.g., ICOs/token offerings).
Offering platforms (DAOPs). Custodians (DACs). Exchanges (DAXs). Other VASPs (brokers, intermediaries, etc.). In January 2026, the SEC raised minimum capital requirements significantly (e.g., ?2 billion for digital asset exchanges and custodians, up from ?500 million in some cases) to enhance resilience and investor protection.
Additional developments include the launch of the Virtual Asset Regulatory Council (VARC) by President Bola Tinubu, creating a coordinated body. The CBN and Nigeria Revenue Service (NRS) oversee non-security virtual assets under a Virtual Asset Regulatory Authority (VARA), while the SEC handles those classified as securities.
Under the Nigeria Tax Administration Act (NTAA) 2025 (effective January 1, 2026): Crypto profits are treated as chargeable gains, taxed up to 25% for individuals (progressive personal income tax bands, replacing the prior 10% flat capital gains tax). VASPs face 30% corporate tax on profits from fees.
All transactions must link to verified identities: National Identification Number (NIN) and Tax Identification Number (TIN). VASPs (including international platforms like Binance) must implement strict KYC, report monthly transactions, retain records for 7+ years, and flag suspicious/large activities to the Nigerian Financial Intelligence Unit (NFIU).
Exchanges submit user transaction data to tax authorities. This aims to curb evasion, integrate crypto into the formal economy, and enable traceability. Users can buy, sell, hold, and trade crypto legally via SEC-licensed platforms. P2P trading persists but faces increasing scrutiny.
Banks can serve licensed VASPs but are restricted from direct crypto dealing. International platforms have limited naira services due to prior pressures; users must comply with NIN/TIN linking for compliance. Non-compliant or unlicensed operations risk enforcement, including freezes or shutdowns.
Focus areas: AML/CFT compliance, investor disclosures, market integrity, and preventing manipulation/volatility. Nigeria positions itself as a leader in regulated crypto adoption in Africa, balancing innovation with oversight—similar to Ghana’s recent sandbox but with a stronger securities classification and tax integration.