July 21, 2024

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Yellow Card, an indigenous crypto trading platform has announced that it has received the Virtual Asset Service Provider (VASP) license from Botswana, tapping from the country’s positive disposition to the growing cryptocurrency industry. 

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Yellow Card said the VASP License was granted by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) late last month, and that the features checked to grant it the license will be made the standard for other aspiring crypto service providers looking to enter the African market.

 

Speaking of the newly acquired license, Yellow Card’s Chief Executive Officer Chris Maurice said the move will positively impact all stakeholders including its customers, investors and staff as a whole. 

 

“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,” he added.

 

Yellow Card may be indigenous to Africa, but it is aggressively exploring avenues to gain licenses and approvals from all of the regions in which it operates. While it strictly adheres to all extant global Anti-Money Laundering (AML) rules as well as those from the Financial Crime Enforcement Network (FinCEN).

 

With the new license, Yellow Card hopes to be able to cater much more to the needs of Botswanans, many of whom the company described as high-risk investors. Crypto is already gaining ground in the country, and with the validity, Yellow Card has received from the NBFIRA, it can help investors fill their demands in a responsible and compliant way.

 

Yellow Card has been making the headlines lately and per a report from Blockchain.News last month, the trading platform secured $40 million in a Series B funding round that was led by Polychain Capital.

Image source: Shutterstock

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