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Pan-African exchange&nbsp;Yellow Card Financial Inc. is <a href="https://www.bloomberg.com/news/articles/2023-12-23/yellow-card-seeks-exchange-license-after-nigeria-lifts-crypto-ban" rel="noopener noreferrer nofollow">seeking a license in Nigeria,</a> seeing that the West African country has now lifted the ban that it placed on cryptocurrencies in 2021. Markedly, the exchange has been seeking to expand its services in Nigeria before now but consistently met with a roadblock owing to the Central Bank of Nigeria’s (CBN) restrictions on digital assets.
<h2 id="b-yellow-card-leverages-crypto-ban-lift-in-nigeria-b-span-style-font-weight-400-span">Yellow Card Leverages Crypto Ban-Lift In Nigeria&nbsp;</h2>
Speaking in a phone interview with Bloomberg, Ogochukwu Umeokafor, the exchange’s Director of Product Management confirmed the news of its latest endeavor. The Pan African exchange has started the process of getting approved by the Nigerian Securities and Exchange Commission (SEC)
“You’ve waited for something and it has come true and we’ll jump on it immediately,” Ogochukwu said. “We want a regulated environment because it’ll help the business move; it will help people have more confidence in doing business with us.”
<h2 id="b-cbn-lifts-restrictions-on-crypto-businesses-b">CBN Lifts Restrictions on Crypto Businesses&nbsp;</h2>
On Saturday, Nigeria’s apex bank <a href="https://thecoinrise.com/nigerian-central-bank-lifts-restrictions-on-crypto-transactions/" rel="noopener noreferrer nofollow">CBN lifted its two-year-long restrictions on crypto assets</a>, authorizing banks to begin to legally engage with the asset class. Per the new development, banks can now offer a wider array of crypto-related services to residents of Nigeria, potentially fostering innovation and financial inclusion.
It is believed that the move was prompted by the nation’s recognition of the evolving use cases of digital currencies in the financial landscape of Nigeria. It also marks a pivot for the West African country. This new development is bound to come with positive implications for the traditional financial system present in Nigeria as well as its crypto ecosystem.
<h2 id="b-yellow-card-secures-license-in-botswana-b">Yellow Card secures License in Botswana&nbsp;</h2>
Noteworthy, Yellow Card is focused on dominating the financial landscape in Africa through its services. Over a year ago, <a href="https://thecoinrise.com/yellow-card-receives-vasp-license-from-botswana/" rel="noopener noreferrer nofollow">it secured a Virtual Asset Service Provider (VASP) license in Botswana</a>. At the time, this made it the first-ever African crypto trading company to receive a VASP license from the region. This was just a month after the exchange <a href="https://thecoinrise.com/crypto-exchange-yellow-card-secures-40m-plans-global-expansion/" rel="noopener noreferrer nofollow">raised $40 million</a> for its global expansion vision.&nbsp;
Just like Yellow Card has done, several other crypto businesses are likely to jump on this opportunity to expand their crypto venture to Nigeria. As the most populous African country, these crypto exchanges stand the chance to increase their user base when they decide to do business in Nigeria.
The post <a href="https://thecoinrise.com/yellow-card-seeks-crypto-license-from-nigeria-sec/" rel="noopener noreferrer nofollow">Yellow Card Seeks Crypto License From Nigeria SEC</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Yellow Card Seeks Crypto License From Nigeria SEC

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