Yellow Card is an African-focused cryptocurrency exchange platform. It recently announced that it received a virtual service provider license (VASP) to work in Botswana. Granted by the country’s Non-Bank Financial Institutions Regulatory Authority, Yellow Card’s license allows the crypto exchange to bolster its operations on the continent.
Collaboration with regulators
Yellow Card, an African-focused cryptocurrency exchange platform announced recently that it has been granted a license as a virtual asset provider (VASP), to allow its operation in Botswana. Yellow Card is the first to receive permission to trade in Southern Africa by Non-Bank Financial Institutions Regulatory Authority.
Remarking on his company’s latest milestone, Chris Maurice, the CEO and founder of Yellow Card, spoke of how the license opens the door for more opportunities. He stated:
This allows us to expand our reach in Africa through banking, payment partners and client growth. 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. They have every reason to collaborate with us.
The Bank of Botswana (BOB), in a late 2021 statement, stated that the country does not have any specific regulatory or legal framework for crypto assets. The Bank of Botswana (BOB) warned crypto traders that they would not be able to sue for financial losses.
Serving Botswana’s Unbanked Population
However, in early 2022 the Botswana government took the initial step towards regulating cryptocurrencies when it presented the Virtual Asset Bill to the country’s parliament. Bitcoin.com News reported that the draft bill outlined the conditions under which an operating license would be granted to a cryptocurrency entity.
Botswana has since passed the Virtual Asset Act 2022 and Yellow Card’s operating license was issued on September 29 in accordance with Section 11 of the law.
Meanwhile, the crypto exchange’s Botswana manager Keletso Thophego said the granting of the license makes it possible for the Yellow Card to able to serve “the unbanked in a faster and efficient way.”
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