Yellow Card, a major cryptocurrency exchange based in Africa has recently made a major announcement about its expansion. The exchange has confirmed that it has received regulatory approval for expansion.
Yellow Card’s Expansion on the Continent
Yellow Card has revealed that initially, it had the regulatory approval of operating in South Africa. However, with the latest regulatory approval, it has the go-to expansion all over the continent.
This would be a great opportunity for Yellow Card to expand its business and network all over the African continent.
Yellow Card Acquires VASP License
The officials at the exchange have confirmed that they have received the license making it a virtual asset service provider (VASP) in the continent.
It is the NBFIRA, a major regulatory authority, which is a non-bank financial institution that has approved the license for the exchange.
The particular regulatory authority operates from Botswana and it approved the VASP license for the exchange on October 19.
With the new license acquired by the exchange, it can now expand all over the continent. Now, the people of Botswana would be able to buy and sell Tether (USDT), Ether (ETH), and Bitcoin (BTC) from Yellow Card.
The best surprise for the Botswana locals is that they will be able to make the purchases using their local currency, which is the Botswana pula.
Statement by Chris Maurice
The Yellow Card co-founder and CEO, Chris Maurice shared his joy as their exchange was able to acquire the VASP from Botswana.
Maurice stated that it is a great opportunity for their exchange as they are on the right track to expansion all over the African continent.
They will be able to build a strong reputation all over the continent gaining the trust of the banking institutions. They will be able to form partnerships with many payment partners.
This would ensure a smooth and unstoppable expansion of their business all over Africa.
Yellow Card has Advantage over Other Exchanges
Maurice also spoke highly of the VASP license they have been able to acquire from within the African continent.
As per Maurice, all of the other exchanges have acquired the VASP license from outside of Africa. Therefore, having a license from within Africa is a highly credible thing for Yellow Card.
The VASP license of Botswana is the first-ever license that has been introduced by a country from the African continent.
For Yellow Card, it is a great achievement that it has acquired the VASP license of Botswana before any other cryptocurrency exchange operating in Africa.
According to Botswana law, the particular license is issued in accordance with the Virtual Asset Act, 2022, residing in Section 11.