加纳资本市场监管机构正着手在新推出的 "监管沙盒" 框架下，对虚拟资产服务、基于区块链的金融产品及其他新兴技术开展正式测试。
根据加纳证券交易委员会发布的指导方针，该框架为金融科技公司、初创企业和持牌市场运营商创建了受控环境，允许其在获得全面监管批准前试点创新金融解决方案。
该框架依据《2025 年虚拟资产服务提供商法案》制定，允许开发涉及虚拟/数字资产、证券代币化、分布式账本技术和自动化金融平台的企业在委员会监督下进行有时限的测试。
新规要求，寻求测试虚拟资产产品的企业须通过指定的 "虚拟资产沙盒通道" 申请。证券交易委员会将评估其商业模式、技术架构、治理安排和风险管理系统后予以批准。申请人需证明具备明确的资产托管方案、完善的反洗钱合规体系以及充分的消费者保护措施。
指导方针还规定，部署区块链金融服务或去中心化数字资产平台的企业，必须指定可与监管机构直接对接的可识别运营方，以配合监管执法。希望进入沙盒的外国虚拟资产服务提供商，还需证明其母国监管状况并满足当地最低参与要求。
证券交易委员会表示，沙盒机制既能帮助监管机构更准确评估新兴技术的运营与金融风险，又能支持加纳资本市场的负责任创新。但指导方针同时警示，虚拟资产仍属高风险产品，价格可能剧烈波动，投资者可能损失部分或全部本金。
该监管沙盒将成为金融科技产品的试验场，待测试通过后方可转为加纳证券市场内持牌运营的成熟业务。
SEC Moves to Test Virtual Assets under New Sandbox Framework
Ghana’s capital markets regulator is moving to formally test virtual asset services, blockchain-based financial products, and other emerging technologies under a newly introduced Regulatory Sandbox framework.
The guidelines issued by the Securities and Exchange Commission of Ghana create a controlled environment that allows fintech firms, start-ups, and licensed market operators to pilot innovative financial solutions before receiving full regulatory approval.
The framework, issued pursuant to the Virtual Asset Service Providers Act, 2025, allows businesses developing solutions involving virtual or digital assets, tokenisation of securities, distributed ledger technology, and automated financial platforms to conduct time-bound testing under the supervision of the Commission.
Under the new regime, companies seeking to test virtual asset–based products must apply through a designated Virtual Asset Sandbox Track, where the SEC will assess their business model, technological structure, governance arrangements, and risk-management systems before granting approval.
Applicants will be required to demonstrate clear asset custody arrangements, strong anti-money laundering and compliance systems, and adequate consumer protection safeguards.
The guidelines also require firms deploying blockchain-based financial services or decentralised digital asset platforms to maintain identifiable operators who can engage directly with regulators for supervision and enforcement purposes.
Foreign virtual asset service providers seeking entry into the sandbox must also demonstrate regulatory oversight in their home jurisdiction and meet minimum local participation requirements.
The SEC says the sandbox will enable regulators to better assess the operational and financial risks associated with emerging technologies while supporting responsible innovation in Ghana’s capital markets.
However, the guidelines caution that virtual assets remain high-risk products, warning that prices can fluctuate sharply and investors may lose part or all of their investment.
The regulatory sandbox is expected to serve as a testing ground for new financial technologies before they transition into fully licensed operations within Ghana’s securities market.
来源：CITI NEWSROOM
文：by Emmanuel Oppong
翻译：无尽夏