Botswana Government Grants Yellow Card Crypto Licence to Kickstart Operation

Yellow Card, a pan-African cryptocurrency startup, has advanced the sector further by being the first on the continent to be given a license to operate as a Virtual Asset Service Provider in Botswana.

The license was issued on September 29, 2022, by the Non-Bank Financial Institutions Regulatory Authority [NBFIRA], in compliance with Section 11 of the Virtual Asset Act of 2022, and will serve as the benchmark for crypto operations in the nation.

According to Chris Maurice, CEO and co-founder of Yellow Card, this is a historic moment for the business, its clients, investors, and the cryptocurrency sector as a whole because it benefits everyone along the value chain.

“This offers up more avenues for growth in terms of banking, payment partners, and growing our clientele throughout Africa. This will further demonstrate to regulators in other markets that we are not simply another cryptocurrency company; rather, we are setting the norm, pushing the envelope, and innovating. Therefore, there is much more justification for them to cooperate with us, too,” he stated.

One of the few nations in the world making substantial efforts to enact stricter legislation around cryptocurrencies and digital tokens is Botswana. The Bank of Botswana previously issued a warning about the dangers of investing in unregistered cryptocurrencies. And with the license in place, it will be harder for individuals who con consumers under the guise of being reputable Virtual Asset Service Providers.

Despite having a small population, Botswana boasts a very high purchasing power thanks to the Pula’s superiority over other African currencies. The public has a high risk tolerance when it comes to technological innovation, and they are constantly searching for the next big thing online. However, Yellow Card is filling a huge void in the Botswanan market because to the demand for innovation and the difficulties that common people confront due to a lack of access.