Pan African Cryptocurrency Leader, Yellow Card (www.YellowCard.io) has taken another significant step in the industry, becoming the first cryptocurrency company on the continent to obtain a Virtual Asset Service Provider license to operate in Botswana. the license According to Section 11 of the Virtual Assets Act, 2022, Issued by the Non-Banking Financial Institutions Regulatory Authority [NBFIRA] On September 29, 2022 it will become the standard for crypto operations in the country.
Chris Morris, CEO and co-founder of Yellow Card, says this is a huge moment for the company, its customers, its investors, and the crypto industry as a whole because it positively impacts everyone across the value chain.
This opens up greater channels for expansion in terms of payment partners and banking services and to expand our client base across Africa. This will also show regulators in other markets that we are not just another cryptocurrency company – we are pioneers, pushing boundaries and setting standards. And that’s all the more reason for them to work with us, too.”
Yellow Card complies with AML and global sanctions as well as FATF and KYC travel rule requirements for all customers in all jurisdictions. The company is also registered with GoAML and with local financial intelligence units in most of its jurisdictions to assist in the reporting of anti-money laundering, sanctions and financial crime cases. The company also complies with the US Foreign Corrupt Practices Act.
Botswana is one of the few countries in the world that is taking significant steps to implement stricter regulations around cryptocurrencies and digital tokens. Previously, the Bank of Botswana warned of the risks of investing in unregulated cryptocurrencies. And now, with the licensing in place, it will be even more difficult for those masquerading as legitimate virtual asset service providers to deceive people.
Although Botswana has a small population, it has remarkably strong purchasing power due to the strength of the pula compared to other African currencies. When it comes to digital innovation, citizens take high risks and are always looking for the next big thing in the digital space. However, the desire for innovation and the challenges that ordinary citizens face due to the lack of access is a huge gap in the Botswana market that yellow card (https://bit.ly/3SwHsWp) meet your needs.
“The majority of the population are unbanked due to the increasing difficulty in obtaining bank accounts for ordinary people without payment statements,” says Keletso Thophego, Botswana’s Regional Director at Yellow Card. “There is no doubt that thanks to blockchain technology, we have been able to meet the needs of people who do not They deal with banks in a faster and efficient manner.
With the new license in place, the future for cryptocurrency and other digital tokens trading looks positive. Yellow Card remains one of the most reliable, secure, fastest and licensed cryptocurrency exchange platforms on the continent. Allowing Botswana to buy and sellhttps://bit.ly/3DpCztPBitcoin, Ethereum and USDT at the best rates with Pula. Participation (https://bit.ly/3N1nRMI) today.
Distribution by APO Group on behalf of Yellow Card Financial.
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About the financial yellow card:
Yellow Card Financial is the fastest growing cryptocurrency exchange on the African continent. The company, founded by Chris Morris and Justin Poirot, launched in Nigeria in 2019. Since then, the US and Africa-based team has strived to make cryptocurrencies such as Bitcoin, Ethereum and USDT Stablecoins available to anyone in Africa.
The Yellow Card has the largest geographic footprint on the continent, with a presence in 16 countries and growing. In 2022, Yellow Card announced its Series B donation of $40 million, bringing the total to $57 million — the largest amount ever made by any African cryptocurrency company.