ADVERTISEMENT

Yellow Card receives first-ever African crypto licence

The licence, in accordance with Section 11 of the Virtual Asset Act, 2022, was issued by the Non-Bank Financial Institutions Regulatory Authority [NBFIRA]

Yellow Card receives first-ever African crypto licence

Yellow Card has made another significant stride in the industry, becoming the first cryptocurrency company on the continent to be granted a Virtual Asset Service Provider licence to operate in Botswana.

ADVERTISEMENT

The licence, in accordance with Section 11 of the Virtual Asset Act, 2022, was issued by the Non-Bank Financial Institutions Regulatory Authority [NBFIRA] on the 29th of September 2022 and will become the standard for crypto operations in the country.

“This opens up greater channels of expansion with regards to payment partners, banking and expanding our client base across Africa. This will further show regulators in other markets that we are not just any other cryptocurrency company - we are pioneering, pushing boundaries and setting the standard. All the more reason for them to work together with us as well,” Chris Maurice, CEO and co-founder of Yellow Card said.

Yellow Card complies with global AML, Sanctions as well as the FATF Travel Rule requirements and KYC of all customers across all jurisdictions. The company is also registered on GoAML and with local Financial Intelligence Units in most of its jurisdictions to help report on AML, Sanctions, and Financial Crime matters as well as with the US Foreign Corrupt Practices Act.

Botswana is one of a few countries in the world taking significant steps to implement tighter regulations around cryptocurrencies and digital tokens.

Previously, the Bank of Botswana warned of the risks of investing in unregulated cryptocurrencies. And now, with the licence in place, it will be more difficult for those who masquerade as legitimate Virtual Asset Service Providers to scam people.

Although Botswana has a small population, they boast a significantly strong purchasing power due to the Pula’s strength relative to other African currencies.

Keletso Thophego, Botswana Country Manager for Yellow Card said: “The majority of the population is unbanked because of the increasing difficulty of getting bank accounts for the average people who do not have payslips. There’s no doubt that because of blockchain technology we have been able to cater to the unbanked in a faster and efficient way."

When it comes to digital innovation, citizens have a high-risk tolerance and are always looking for the next big thing in the digital space. That said, the appetite for innovation and the challenges ordinary citizens face due to the lack of access is a massive gap in the Botswanan market that Yellow Card is catering to.

With the new licence in place, the future of cryptocurrency trading and other digital tokens looks positive.

JOIN OUR PULSE COMMUNITY!

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Uganda’s inflation rate to drop by 8% in 2023

Uganda’s inflation rate to drop by 8% in 2023

10 worst investment destination in Africa 2022 according to Absa Africa Financial Markets Index

10 worst investment destination in Africa 2022 according to Absa Africa Financial Markets Index

Tough times, what can Sh10 bob do for you?

Tough times, what can Sh10 bob do for you?

Top African countries to visit this holiday

Top African countries to visit this holiday

In light of his recent net-worth growth, Dangote has taken relief donations to a whole new level

In light of his recent net-worth growth, Dangote has taken relief donations to a whole new level

Despite Kenya’s goal to curb external borrowing the country has asked the World Bank for a $750 million loan

Despite Kenya’s goal to curb external borrowing the country has asked the World Bank for a $750 million loan

9 most influential African presidents on Twitter

9 most influential African presidents on Twitter

5 things to know about Africa’s project to uncover the mysteries of the birth of the universe

5 things to know about Africa’s project to uncover the mysteries of the birth of the universe

10 African countries that have the most number of internet users in 2022

10 African countries that have the most number of internet users in 2022

ADVERTISEMENT