Africa Focused Crypto Exchange Yellow Card Granted VASPs License in Botswana

Yellow Card, an Africa-focused cryptocurrency speech platform, precocious said it has received a virtual plus work supplier (VASP) licence to run successful Botswana. Granted by the country’s Non-Bank Financial Institutions Regulatory Authority, Yellow Card’s licence allows the crypto speech to bolster its operations connected the continent.

Working With Regulators

The Africa-focused cryptocurrency speech platform, Yellow Card, precocious revealed it had received a virtual plus work supplier (VASP) licence to run successful Botswana. The licence, which was issued by Non-Bank Financial Institutions Regulatory Authority (NBFIRA), makes Yellow Card the archetypal crypto speech to beryllium granted support to run successful the Southern African country.

Remarking connected his company’s latest milestone, Chris Maurice, the CEO and laminitis of Yellow Card, spoke of however the licence opens the doorway for much opportunities. He said:

This opens up greater channels of enlargement with regards to outgo partners, banking and expanding our lawsuit basal crossed Africa. This volition further amusement regulators successful different markets that we are not conscionable immoderate different cryptocurrency institution – we are pioneering, pushing boundaries and mounting the standard. All the much crushed for them to enactment unneurotic with america arsenic well.

In a statement issued successful precocious 2021, the Bank of Botswana (BOB) said the state did not person a circumstantial ineligible oregon regulatory model connected crypto assets. It besides warned residents engaged successful crypto trading determination would beryllium nary ineligible recourse should they endure fiscal losses.

Serving Botswana’s Unbanked Population

However, successful aboriginal 2022 the Botswana authorities took the initial measurement towards regulating cryptocurrencies erstwhile it presented the Virtual Asset Bill to the country’s parliament. As reported by Bitcoin.com News, the draught measure explained the circumstances successful which a crypto entity would beryllium granted an operating licence.

Botswana has since passed the Virtual Asset Act 2022 and Yellow Card’s operating licence was issued connected September 29 successful accordance with Section 11 of the law.

Meanwhile, the crypto exchange’s Botswana manager Keletso Thophego said the granting of the licence makes it imaginable for the Yellow Card to capable to service “the unbanked successful a faster and businesslike way.”

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