Crypto finds footing, but remains far from legal tender

According to the bank’s latest Annual Report, the country now has two fully-licensed Virtual Asset Service Providers, being Yellow Card and Express Minds, operating legally under the Virtual Asset Act of 2022. These companies are authorised to facilitate crypto-related services, including the purchase, sale, and exchange of digital currencies, as well as peer-to-peer remittances and business payments.

This marks a significant shift in a region where regulatory clarity around digital assets is still emerging. However, despite these strides, the Bank of Botswana remains cautious. The bank in its annual report noted that whilst crytpo provided a plethora of digital opportunities it had its own challenges mainly associated with volatility.