Yellow Card, a Nigerian leading cryptocurrency exchange, has marked another milestone in its global expansion efforts with the acquisition of a Virtual Asset Service Provider (VASP) license in Poland.
The company’s subsidiary, Yellow Card sp. z.oo, is now officially registered with the Polish Register of Activities in the Scope of Virtual Currencies, under the oversight of the Polish Ministry of Finance.
Also read: Nigeria accedes to the establishment agreement for Afreximbank’s Fund for Export Development
Yellow Card is now registered for Anti-Money Laundering (AML) data and financial crime reporting purposes with Poland’s General Inspector for Financial Information.
Chris Maurice, the co-founder and CEO of Yellow Card, expressed his satisfaction with this achievement, stating, “We are pleased to have completed the VASP registration process in Poland, which represents our first VASP registration outside of Africa. This license speaks to our world-class compliance and legal functions that work tirelessly to make regulatory engagements like this worldwide possible.”
Yellow Card, known as the largest and first licensed Stablecoin on/off ramp on the African continent, has been operating across 20 countries, establishing its reach and impact beyond Africa.
Leveraging its Stablecoin on/off ramps and payments API, Yellow Card aims to streamline cross-border transactions, providing individuals and businesses on both continents with efficient and secure financial services.
Also read: Fitch upgrades Nigeria’s outlook to positive on reform progress
Craig Stoehr, Yellow Card’s General Counsel, emphasized the company’s commitment to regulatory compliance and consumer protection, stating, “Yellow Card is a staunch proponent for the regulation of virtual assets, as regulatory and licensing frameworks promote consumer protection and create a level playing field while fostering innovation. Our Polish VASP registration represents the first step in our journey to ultimately acquire a MiCA license to further enhance our offerings between Africa and Europe.”
This recent achievement follows Yellow Card’s groundbreaking success in September 2022, when it became the first company to secure a crypto license in Africa. The acquisition of a VASP license in Botswana marked a significant milestone for the company.
In addition to its VASP licenses in Botswana and Poland, Yellow Card holds a general financial services license for the CEMAC region and participates in the Bank of Zambia’s Fintech regulatory sandbox.
These initiatives underscore Yellow Card’s commitment to collaborating with governments and regulatory bodies, gaining insights into local regulatory frameworks, and fostering innovation and expansion within the cryptocurrency sector.
Also read: Dangote cuts Nigeria fuel prices for 3rd time since March
Yellow Card’s expansion into Poland reflects its strategic vision of becoming a global leader in cryptocurrency exchange and financial services, empowering individuals and businesses with seamless access to digital assets and fostering financial inclusion on a global scale.
