1 year ago
Yellow Card CEO said that the Botswana VASP licence is the archetypal licence for African crypto exchanges established by an African country.
African crypto speech Yellow Card has received important regulatory support to proceed expanding its operations crossed the continent.
Yellow Card has obtained a virtual plus work supplier licence (VASP) from the Non-Bank Financial Institution Regulatory Authority of Botswana (NBFIRA), according to the announcement on Oct. 19.
The caller licence officially authorizes Yellow Card to let its customers bargain and merchantability Bitcoin (BTC), Ether (ETH) and Tether (USDT) stablecoin with the section fiat currency, Botswana pula.
According to Chris Maurice, CEO and co-founder of Yellow Card, the caller licence opens up greater opportunities for the firm’s enlargement to outgo partners and banking institutions 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,” Maurice stated.
Yellow Card is the archetypal crypto speech for obtaining a VASP licence issued successful Africa, Maurice told Cointelegraph. “Exchanges that run crossed the continent whitethorn person VASP licenses from jurisdictions extracurricular Africa,” Maurice said, adding:
“The Botswana VASP licence is the archetypal licence for African cryptocurrency exchanges established by an African country, and Yellow Card is the archetypal recipient of a VASP licence from Botswana’s NBFIRA.”
According to the announcement, NBFIRA issued the VASP licence connected Sept. 29 successful accordance with the Section 11 of the Virtual Asset Act, 2022.
Now officially regulated by section authorities, Yellow Card says it besides complies with immoderate large planetary regulations. The institution complies with planetary Anti-Money Laundering and Know Your Customer requirements arsenic portion of the Travel Rule introduced by the Financial Action Task Force.
Yellow Card is besides registered connected GoAML to assistance study connected AML, sanctions and fiscal crimes, and it is besides compliant with the Foreign Corrupt Practices Act of the United States, the announcement notes.
Located successful Southern Africa, the Republic of Botswana has a colonisation of astir 2 cardinal people. The section authorities passed a measure to modulate trading successful cryptocurrencies and integer tokens arsenic portion of efforts to tighten AML measures successful February 2022. The caller rules required anyone seeking to connection crypto services successful Botswana to get a licence from the NBFIRA and to comply with a database of conditions.
The section authorities was precise skeptical astir cryptocurrencies not agelong ago, with the cardinal slope warning astir the precocious risks of cryptocurrency concern successful November 2021.
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