First crypto platform approaches NBFIRA

At the helm: NBFIRA CEO, Oduetse Motshidisi. The regulator has been charged with regulating the cryptocurrency industry in the country
At the helm: NBFIRA CEO, Oduetse Motshidisi. The regulator has been charged with regulating the cryptocurrency industry in the country

Nigerian cryptocurrency exchange, Yellow Card, says it has approached both the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) and the Financial Intelligence Agency for licensing of its operations in Botswana, BusinessWeek has learnt.

Cryptocurrency operators are required to be licensed with NBFIRA by May 25 or face fines of up to P250,000 and/or five years in jail, under the recently passed Virtual Assets Act.

Yellow Card, a cryptocurrency exchange that allows clients to buy, sell and store bitcoin and other virtual assets, is active in 16 African states.

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