Yellow Card, an African crypto exchange, has become the first cryptocurrency company in the continent to be granted a Virtual Asset Service Provider licence to operate in Botswana. Non-Bank Financial Institutions Regulatory Authority [NBFIRA] issued the licence under Section 11 of the Virtual Asset Act, 2022, which will become the standard for crypto operations in the country.
According to Chris Maurice, CEO and co-founder of Yellow Card, “this is a historic moment for the business, its customers, investors, and the cryptocurrency sector in general as it benefits everyone along the value chain.”
“This offers more possibilities for expansion in banking, payment partners, and growing our customers across Africa. This will further demonstrate to regulators in other markets that we are not simply another cryptocurrency company; we are the pioneer, pushing the boundaries and innovating. There is even greater justification for them to collaborate with us,” he added.
“The majority of the population is unbanked due to the rising difficulties of acquiring bank accounts for the typical people who do not have payslips,” says Keletso Thophego, Botswana Country Manager for Yellow Card. It’s undeniable that blockchain technology has helped us better serve the financially disenfranchised.”
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The company’s services meet a significant demand in the Botswanan market
For its part, Botswana is one of the few nations actively working to strengthen oversight of virtual currencies and tokens. The Bank of Botswana has in the past issued a warning about the dangers of investing in cryptocurrencies that are not regulated. With the license in place, it will be more difficult for scammers to pose as legal Virtual Asset Service Providers.
The robustness of the Pula in comparison to other African currencies gives Botswana’s citizens a significant advantage in terms of their purchasing power, despite the country’s relatively low population. Citizens have a high tolerance for risk when it comes to new digital innovations and is constantly seeking the next great thing to happen in the digital world. Yellow Card fills a massive need in the Botswanan market caused by the demand for new ideas and the difficulties experienced by regular people due to a lack of access.
The implemented license enables cryptocurrencies to more prospect
Yellow Card complies with all worldwide AML, Sanctions, and FATF Travel Rule standards, as well as the Know Your Customer (KYC) obligations for all customers across all countries. In most of its locations, the firm is also registered with the local Financial Intelligence Units and on GoAML, both of which are intended to assist with reporting AML, Sanctions, and Financial Crime concerns. Additionally, the corporation adheres to the United States Foreign Corrupt Practices Act.
Trading cryptocurrencies and other digital tokens have a prosperous future now that the new license has been implemented. Yellow Card continues to be one of the most trustworthy, safest, quickest, and officially approved cryptocurrency trading services on the continent. Providing Batswana with access to the most favourable exchange rates for the purchase and sale of Bitcoin, Ethereum, and USDT.
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About Yellow Card Financial
When it comes to trading cryptocurrencies on the African continent, no one can compete with Yellow Card Financial’s rapid expansion. The company, founded by Chris Maurice and Justin Poiroux, launched in Nigeria in 2019. Since then, the United States and Africa team has collaborated to make cryptocurrencies such as Bitcoin, Ethereum, and USDT Stablecoins available to anybody in Africa.
With a presence in 16 nations and counting, Yellow Card has the broadest geographical reach on the continent. Yellow Card announced a $40 million Series B financing in 2022, boosting their total raised to $57 million, the biggest by any African cryptocurrency startup.
