Ghana's Securities and Exchange Commission (SEC Ghana) has expanded its virtual asset regulatory sandbox to 20 firms, up from 11 when the programme launched in March 2026.

The SEC added nine companies in an updated list published on August 19, 2026, broadening the sandbox to cover crypto trading, brokerage, tokenisation, trade finance and commodities markets.

The 20 participants are:

Africoin

The Blue Penguin Company Limited (Blu Penguin)

Ghana Gold Board (Goldbod)

HanyPay

Hyro Exchange

HSB Global

KoinKoin

WhiteBit

Vaulta

XChain

Bsystem

GFX Brokers

One Africa Securities

WeWire Ghana

Sage Advance Global Services

Mojo Pay Ghana

Yellow Card Ghana

Ghana Commodities Exchange

Mamoru Digital Ghana

BSystems

The new entrants include Yellow Card Ghana, one of Africa's largest crypto platforms, as well as GFX Brokers, which is testing tokenised Treasury bills; One Africa Securities, focused on tokenised bonds; and WeWire Ghana, which is testing trade-finance tokenisation. Yellow Card already operates across multiple African markets, and its entry into the Ghana sandbox reflects how regional platforms are pursuing local licences at a time when regulators in markets such as Nigeria and South Africa are formalising their own virtual asset rules.

The expansion comes as Ghana prepares to move from its sandbox-based approach toward permanent, activity-based licensing under the Virtual Asset Service Providers Act, 2025 (Act 1154). The Act, passed in 2025, gives Ghana a statutory basis for licensing and supervising virtual asset activities, with the sandbox serving as the testing ground for how that regime will operate in practice.

The 12-month sandbox is designed to give regulators real-world data on crypto exchanges, brokerage, custody and tokenisation before finalising the licensing framework. Firms that demonstrate market readiness and meet regulatory requirements can transition to full licences after six months.

Ghana is therefore moving beyond simply regulating crypto exchanges. The latest cohort shows a broader regulatory focus on tokenised securities, Treasury bills, gold, trade finance and commodities, pointing to an attempt to build a regulated digital-asset market around both crypto and traditional financial assets. Notably, the participant list also includes state-linked institutions such as the Ghana Gold Board and the Ghana Commodities Exchange, extending the programme into assets already central to Ghana's economy, where gold has long ranked among the country's top export earners. The markers to watch in the months ahead are which of the 20 participants graduate to full licences and how SEC Ghana defines the activity-based rules for custody, tokenisation and market conduct that will govern the market once the sandbox ends.

Stay tuned to BitKE on crypto regulation in Africa.

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