Yellow Card is the first cryptocurrency exchange in Africa to receive a VASP license.
The exchange also upholds the US Foreign Corrupt Practices Act.
Yellow Card, a pan-African cryptocurrency exchange, has acquired important regulatory authorization to keep growing its operations across the region. According to the recent announcement Yellow Card has received a virtual asset service provider (VASP) license from the Botswana Non-Bank Financial Institution Regulatory Authority (NBFIRA).
The crypto exchange co-founder and CEO Chris Maurice said that;
This opens up greater channels of expansion with regards to payment partners, banking and expanding our client base across Africa. 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.
The First Legal Virtual Asset Provider
The NBFIRA issued the VASP license on September 29, but it is officially exposed to local control now. Yellow Card, backed by Polychain and became the first cryptocurrency firm on the continent to be given a license to operate in Botswana as a Virtual Asset Service Provider.
Yellow Card claimed that it also registered with local Financial Intelligence Units and global regulations such as the Force’s Travel Rules, Financial Action Task Know Your Customer (KYC) requirements, and Anti-Money Laundering (GoAML) obligations. Furthermore, the firm upholds the US Foreign Corrupt Practices Act.
A short while ago, the government had a deep mistrust for cryptocurrencies, with the central bank issuing a warning about the severe risks of investing in cryptocurrencies. However, more African countries are attempting to pass laws that regulate the use of cryptocurrencies and other digital assets in the capital markets. Moreover, South Africa enacted regulations to strengthen the cryptocurrency industry’s control and safeguard consumers.