Pan African exchange, Yellow Card, is seeking regulatory approval from Nigeria’s Securities and Exchange Commission (SEC), the company’s VP of Global Operations and MD at Yellow Card, Nigeria Lasbery Oludimu, revealed.
Oludimu stated that the company has already applied to Nigeria’s Securities Exchange Commission (SEC) through the Accelerated Regulatory Incubation Programme (ARIP) and is now awaiting approval in principle.
Yellow Card, which recently received a Crypto Asset Service Provider (CASP) licence in South Africa, underwent a rigorous process which included both a comprehensive application and an on -site visit by the regulators.
🇿🇦REGULATION | African Stablecoin On/Off Ramp, @yellowcard_app, Secures Category 1 Crypto Asset Service Provider Licence in South Africa
A CAT I license is the standard for a CASP in South Africa to provide advice or exchange services to its customers.https://t.co/6s8jSjVg3P pic.twitter.com/0fSP1mG8cb
— BitKE (@BitcoinKE) November 20, 2024
The company is expecting the same treatment in its largest market.
“The inspection process was detailed and thorough, highlighting the robust regulatory framework in the country. This experience has prepared us to meet similar challenges in Nigeria, where we continue to engage with the SEC under ARIP, “ said Oludimu.
“Our operational transparency and investment in compliance will help us navigate these processes effectively.”
The business executive believes that the ARIP regime, introduced in June 2024, is positioning Nigeria as a leader in global regulatory standards by offering a structured framework for crypto businesses to operate within a regulated environment.
“There is indeed a clear direction, with strong regulatory frameworks taking shape. There also exists clarity on the regulators to engage and supervise operations of the industry in Nigeria.”
🇳🇬REGULATION | Nigeria SEC Issues a Notice for Onboarding VASPs in 30 Days Due to ‘Current Realities’
Following the 30-day-period, the Commission indicated that it would commence enforcement action against any operating VASP that fails to comply with the directives.… pic.twitter.com/ThvMC4MwFQ
— BitKE (@BitcoinKE) June 22, 2024
Two local exchanges already, Busha and Quidax, have been approved under the Accelerated Regulatory Incubation Program (ARIP).
🇳🇬REGULATION | Nigerian Crypto Exchange, Quidax, Receives Provisional Operating License from SEC Nigeria
With the license granted by the Nigerian SEC, Quidax is now able to collaborate with banks and other financial institutions, subject to the Central Bank of Nigeria’s… pic.twitter.com/4gPpLyJi4z
— BitKE (@BitcoinKE) August 29, 2024
Oludimu also provided insight into the company’s plans having announced $33 million in a series C funding round in October 2024.
FUNDING | Leading African Stablecoin On/Off Ramp, Yellow Card, Closes $33M Series C Funding
The round, led by Blockchain Capital, brings Yellow Card to $85 million in completed equity financings up to date.https://t.co/1DQTruhGyO @yellowcard_app pic.twitter.com/1OBP0En3YV
— BitKE (@BitcoinKE) October 17, 2024
According to her, the round allows the company to prioritize improvements to its stablecoin infrastructure, enhancing its B2B API and Widget, and expanding its stablecoin rails to provide businesses with streamlined solutions for managing liquidity.
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