Yellow Card, the Pan-African cryptocurrency pioneer, has achieved another big step forward in the market by being the first cryptocurrency firm on the continent to be awarded a Virtual Asset Service Provider licence to operate in Botswana. The licence was issued by the Non-Bank Financial Institutions Regulatory Authority [NBFIRA] on September 29, 2022, in compliance with Section 11 of the Virtual Asset Act, 2022, and will become the benchmark for crypto activities in the nation.
According to Chris Maurice, CEO and co-founder of Yellow Card, this is a watershed moment for the firm, its customers, investors, and the crypto sector as a whole, since it benefits everyone along the value chain.
“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. All the more reason for them to work together with us as well,” he said.
Yellow Card complies with worldwide AML, Sanctions, and FATF Travel Rule standards, as well as KYC of all consumers in all jurisdictions. In addition, the firm is registered on GoAML and with local Financial Intelligence Units in the majority of its territories to assist in reporting on AML, Sanctions, and Financial Crime issues. The corporation also abides with the Foreign Corrupt Practices Act of the United States.
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Botswana is one of just a few nations taking substantial moves to tighten legislation surrounding cryptocurrencies and digital tokens. The Bank of Botswana has warned about the dangers of investing in unregistered cryptocurrencies. With the licence in place, it will be more difficult for individuals impersonating legal Virtual Asset Service Providers to defraud consumers.
Despite its tiny population, Botswana has a relatively high buying power due to the strength of the Pula in comparison to other African currencies. Citizens have a high risk tolerance when it comes to digital innovation and are continuously seeking for the next great thing in the digital arena. Having said that, the need for innovation, as well as the obstacles that regular individuals encounter owing to a lack of access, is a significant vacuum in the Botswanan market that Yellow Card is filling.
Keletso Thophego, Botswana Country Manager for Yellow Card says, “The majority of the population is unbanked because of the increasing difficulty of getting bank accounts for the average people who do not have payslips. There’s no doubt that because of blockchain technology we have been able to cater to the unbanked in a faster and efficient way.
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With the new licence, the future of bitcoin trading and other digital tokens appears bright. Yellow Card is one of the continent’s most dependable, safe, rapid, and certified crypto exchange platforms. Allowing Batswana to buy and sell Bitcoin, Ethereum, and USDT at the best possible rates in Pula.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh