Africa Focused Crypto Exchange Yellow Card Granted VASPs License in Botswana

Yellow Card, an Africa-focused cryptocurrency change platform, not too long ago stated it has obtained a digital asset service supplier (VASP) license to function in Botswana. Granted by the nation’s Non-Bank Financial Institutions Regulatory Authority, Yellow Card’s license permits the crypto change to bolster its operations on the continent.

Working With Regulators

The Africa-focused cryptocurrency change platform, Yellow Card, not too long ago revealed it had obtained a digital asset service supplier (VASP) license to function in Botswana. The licence, which was issued by Non-Bank Financial Institutions Regulatory Authority (NBFIRA), makes Yellow Card the primary crypto change to be granted permission to function within the Southern African nation.

Remarking on his firm’s newest milestone, Chris Maurice, the CEO and founding father of Yellow Card, spoke of how the license opens the door for extra alternatives. He stated:

This opens up larger channels of growth as regards to fee companions, banking and increasing our consumer base throughout Africa. This will additional present regulators in different markets that we aren’t simply some other cryptocurrency firm – we’re pioneering, pushing boundaries and setting the usual. All the extra purpose for them to work along with us as nicely.

In a statement issued in late 2021, the Bank of Botswana (BOB) stated the nation didn’t have a particular authorized or regulatory framework on crypto belongings. It additionally warned residents engaged in crypto buying and selling there can be no authorized recourse ought to they endure monetary losses.

Serving Botswana’s Unbanked Population

However, in early 2022 the Botswana authorities took the initial step towards regulating cryptocurrencies when it offered the Virtual Asset Bill to the nation’s parliament. As reported by Bitcoin.com News, the draft invoice defined the circumstances by which a crypto entity can be granted an working licence.

Botswana has since handed the Virtual Asset Act 2022 and Yellow Card’s working license was issued on September 29 in accordance with Section 11 of the legislation.

Meanwhile, the crypto change’s Botswana supervisor Keletso Thophego stated the granting of the license makes it doable for the Yellow Card to in a position to serve “the unbanked in a faster and efficient way.”

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