Yellow Card obtains the first African Cryptocurrency License | socialnetlink

The license was issued by the Regulatory Authority for Non-Banking Financial Institutions [NBFIRA] and will become the standard for crypto operations in the country.

Yellow Cardthe pan-African leader in cryptocurrencies, has reached another major milestone in the sector, becoming the first mainland cryptocurrency company to obtain virtual asset service provider license to operate in Botswana. Dated September 29, 2022 and pursuant to the provisions of Section 11 of the Virtual Assets Act 2022, the license was issued by the Non-Banking Financial Institutions Regulatory Authority [NBFIRA] and will become the standard for crypto operations in the country.

Chris Maurice, CEO and co-founder of Yellow Card argues that this is a monumental moment for the company, its customers, its investors and the cryptocurrency industry as a whole, as it has a positive impact on the entire value chain.

This step will open up greater channels for expansion in terms of payment partners, banking services and expanding our customer base in Africa. It will also show regulators in other markets that we are not just another cryptocurrency company: we are pioneers, we are pushing the boundaries and we are setting the standard. One more reason for them to collaborate with us“, did he declare.

Yellow Card complies with global anti-money laundering, sanctions requirements, as well as FATF Travel Rule requirements, and Know Your Customer requirements in all the courts. The company is also registered with the GoAML and local Financial Intelligence Units in most of its jurisdictions to help report money laundering, sanctions and financial crime issues. The company also complies with the US Foreign Corrupt Practices Act.

Botswana is one of the few countries in the world to take significant steps to put in place stricter regulations relating to cryptocurrencies and digital tokens. Previously, the Bank of Botswana warned of the risks of investing in unregulated cryptocurrencies. Now, with the license in place, it will be harder for those posing as legitimate virtual asset service providers to scam people.

Despite a small population, the people of Botswana have significant purchasing power, thanks to the strength of its currency, the pula, compared to other African currencies. When it comes to digital innovation, citizens have a high tolerance for risk and are always on the lookout for the next big thing in the digital space. That being said, the appetite for innovation and the challenges ordinary citizens face due to lack of access is a massive demand in the Botswana market that Yellow Card caters to.

Keletso Thophego, Yellow Card Operations Manager for Botswana says: “The majority of the population is unbanked due to the increasing difficulty of obtaining a bank account for ordinary people who do not have pay slips. There is no doubt that thanks to blockchain technology, we have been able to meet the needs of the unbanked more quickly and efficiently.

With the new license in place, the future of the cryptocurrency and other digital token industry looks positive. Yellow Card remains one of the most reliable, secure, fast and licensed cryptocurrency exchanges on the continent, enabling Batswana to buy and sell bitcoin, ethereum and USDT at the best rates with pula .

You can register on the Yellow card platform on this link

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Yellow Card obtains the first African Cryptocurrency License | socialnetlink

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