Pan-African cryptocurrency leader, Yellow Card (www.YellowCard.io) has taken another significant step in the industry, becoming the first cryptocurrency company on the continent to obtain a Virtual Asset Service Provider license to operate in Botswana. the license, in accordance with section 11 of the Virtual Asset Act, 2022, was issued by the supervisory authority for financial institutions that are not banks [NBFIRA] on September 29, 2022 and will become the standard for crypto operations in the country.
Chris Maurice, CEO and co-founder of Yellow Card, says this is a monumental moment for the company, its customers, investors and the crypto industry as a whole as it positively impacts everyone throughout the value chain.
“This opens up greater channels for expansion in terms of payment partners, banking services and expanding our customer base across Africa. This will further demonstrate to 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 said.
Yellow Card complies with global AML, sanctions as well as FATF travel rule requirements and KYC for all customers across all jurisdictions. The company is also registered with GoAML and with local Financial Intelligence Units in most of its jurisdictions to assist with AML, sanctions and financial crime reporting. The company also complies with the US Foreign Corrupt Practices Act.
Botswana is one of the few countries in the world taking significant steps to implement tighter regulations around cryptocurrencies and digital tokens. In the past, the Bank of Botswana has warned about the risks of investing in unregulated cryptocurrencies. And now, with the license in place, it will be harder for those posing as legitimate Virtual Asset Service Providers to scam people.
Although Botswana has a small population, they have significantly strong purchasing power due to the Pula’s strength relative to other African currencies. 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 huge gap in the Botswana market that Yellow Card ( addresses.
Keletso Thophego, Botswana Country Manager for Yellow Card says: “The majority of the population is unbanked due to increasing difficulties in getting bank accounts for average people who do not have paychecks. There is no doubt that due to blockchain technology we have been in able to cater to the unbanked in a faster and more efficient way.
With the new license in place, the future of trading cryptocurrency and other digital tokens looks positive. Yellow Card remains one of the most reliable, secure, fastest and licensed crypto exchange platforms on the continent. Let Batswana buy and sell ( Bitcoin, Ethereum and USDT at the best prices with Pula. Sign up ( today.
Distributed by APO Group on behalf of Yellow Card Financial.
For more information, contact:
Rutendo Nyamuda
PR manager
Email: [email protected]
About Yellow Card Financial:
Yellow Card Financial is the fastest growing cryptocurrency exchange on the African continent. The company, founded by Chris Maurice and Justin Poiroux, was launched in Nigeria in 2019. Since then, the US and Africa-based team has been trying to make cryptocurrencies like Bitcoin, Ethereum and USDT Stablecoins accessible to everyone in Africa.
Yellow Card has the largest geographic footprint on the continent, with a presence in 16 countries and counting. In 2022, Yellow Card announced their Series B fundraising of $40 million in the series, bringing their total raised to $57 million – the most of any African cryptocurrency company.
