Yellow Card Financial, the Pan-African cryptocurrency exchange has secured a Virtual Asset Provider (VASP) license from the Government of Botswana.
According to its CEO Chris Maurice, the license was issued by the country’s Non-Bank Financial Institution Regulatory Authority (NBFIRA), a regulatory body that oversees Botswana’s Capital markets industry. The approval makes Yellow Card the first company in Botswana, and Africa, to get a virtual assets license.
In February 2022, Botswana’s lawmakers passed a bill to regulate trading in cryptocurrencies and digital tokens as part of efforts to tighten anti-money laundering measures. The regulations require anyone seeking to offer cryptocurrencies or digital tokens in Botswana to get a license from the Non-Bank Financial Institutions Regulatory Authority and adhere to a list of conditions.
The licence announcement comes less than one month after the company closed a $40M Series B funding led by Polychain Capital, with participation from Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, and more.
The round will enable the company to expand across the continent, develop new product products and advance strategic partnerships.