African cryptocurrency exchange Yellow Card secures Botswana VASP license

African cryptocurrency exchange Yellow Card has received a license as a virtual asset service provider (VASP) from NBFIRA, Botswana’s regulatory authority for non-bank financial institutions, says in a press release.

CEO and co-founder Chris Morris said this opens up significant opportunities for expansion. He noted that among crypto platforms, Yellow Card was the first in Africa to receive a VASP license.

According to the statement, the exchange complies with global AML/KYC-requirements, sanctions, and the so-called “Travel Rule” FATF.

In September 2021, Yellow Card closed a Series A round of $15 million. It was led by Valar Ventures, Third Prime and Castle Island Ventures with participation from Jack Dorsey’s Square and Coinbase Ventures.

One year later, the exchange raised $40 million from Polychain Capital. The funds were also provided by Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures and other investors.

Earlier in June, the Central African Republic authorities announced the Sango program, which will help the country enter the cryptocurrency industry.

Read ForkLog’s Bitcoin news in our Telegram — crypto news, prices and analysis.