Yellow Card's licence, issued by the nation's Non-Bank Financial Institutions Regulatory Authority, enables the cryptocurrency exchange to expand its activities across the continent.
Yellow Card's licence, issued by the nation's Non-Bank Financial Institutions Regulatory Authority, enables the cryptocurrency exchange to expand its activities across the continent.
Working with authorities
Yellow Card, a cryptocurrency exchange platform with an emphasis on Africa, recently disclosed that it now has a licence to operate as a virtual asset service provider (VASP) in Botswana. The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) approved the licence, making Yellow Card the first cryptocurrency exchange to be authorised to conduct business in the nation of Southern Africa.
The CEO and founder of Yellow Card, Chris Maurice, spoke about his company's most recent achievement and how the licence provides access to more options.
The Bank of Botswana (BOB) stated in a statement released in late 2021 that the nation lacked a defined legal or regulatory framework on crypto assets. Additionally, it forewarned residents who trade cryptocurrencies that they would have little legal recourse if they suffered financial losses.
Serving the Unbanked Population in Botswana
But when it introduced the Virtual Asset Bill to the country's parliament in early 2022, the Botswana government took the first step toward regulating cryptocurrency. The draught bill described the conditions under which a crypto business would be awarded an operational licence, according to CoinGabbar News.
Following the passage of the Virtual Asset Act 2022 in Botswana, the operating permit for Yellow Card was granted on September 29 in compliance with Section 11 of the Act.
The issuance of the licence, according to Keletso Thophego, the Botswana manager of the cryptocurrency exchange, enables the Yellow Card to provide faster and more effective services to the unbanked.
