Yellow Card, an African cryptocurrency exchange, has acquired major regulatory authorization to continue expanding its operations across the continent.
According to a blog post, Yellow Card has received a virtual asset service provider license (VASP) from the Non-Bank Financial Institution Regulatory Authority of Botswana (NBFIRA).
Yellow Card is now officially authorized to sell and acquire Bitcoin (BTC), Ether (ETH), and Tether (USDT) stablecoins in exchange for Botswana pula, the local fiat currency.
According to Chris Maurice, CEO and co-founder of Yellow Card, the new license expands the company’s reach to payment partners and banking institutions across Africa.
As per the release, the VASP license was awarded by NBFIRA on September 29 in compliance with Section 11 of the Virtual Asset Act of 2022.
Yellow Card claims to comply with certain important worldwide rules now that it is legally regulated by local authorities.
As part of the Financial Action Task Force’s Travel Rule, the company complies with worldwide Anti-Money Laundering and Know Your Customer standards.
Yellow Card is also registered on GoAML to assist in reporting on AML, sanctions, and financial crimes, and it is also compliant with the US Foreign Corrupt Practices Act.