Yellow Card, a prominent cryptocurrency exchange, has obtained a Crypto Asset Service Provider (CASP) licence from the Financial Sector Conduct Authority (FSCA) in South Africa. This milestone, which was made public earlier today, significantly improves Yellow Card’s capacity to provide secure and regulated cryptocurrency services. This achievement establishes Yellow Card as a compliant participant in the country’s evolving fintech landscape.
With the CASP licence, South Africa is recognising the necessity of cryptocurrency regulation to protect consumers and promote innovation. This improves Yellow Card’s operations and helps create a safe and trustworthy digital asset transaction environment in the region.
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Strengthening compliance and growth
Yellow Card operates inside South Africa’s regulated financial system with its CASP licence, demonstrating its commitment to compliance and responsible growth across the continent. In 2020, South Africa debuted Yellow Card, which has processed over US$3 billion in transactions in 20 countries.
Blockchain Capital, Polychain Capital, Valar Ventures, Third Prime Ventures, Coinbase Ventures, and Block, Inc. (Square/Cash App) led a US$33 million Series C funding, demonstrating investor confidence in the company’s objective.
In response to the FSCA’s licence decision, Yellow Card Financial South Africa co-founder and CEO Chris Maurice commented, “The CASP licence underscores Yellow Card’s commitment to its customers in South Africa and regulatory compliance across the continent.
This achievement reflects our dedication to providing secure, compliant and transformative solutions for our customers in South Africa and across Africa.
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Enhancing financial inclusion
Sub-Saharan Africa has the highest stablecoin adoption rate, at 9.2%. Since October 2023, stablecoins have grown 50% month over month in South Africa, where 5.8 million individuals utilise crypto assets—displacing bitcoin as the country’s most popular cryptocurrency. Yellow Card is delighted to lead South Africa’s financial revolution.
Maurice underlined this service’s importance: “Our goal is to empower individuals with the tools they need to engage in the digital economy. With our CASP licence, we can offer South Africans a safe and reliable platform to access cryptocurrencies.” The company’s focus on regulatory compliance ensures users can trade confidently while adhering to local laws.
With the ongoing expansion of its operations in South Africa, Yellow Card is well-positioned to contribute significantly to advancing cryptocurrency adoption across the continent. Robust regulatory compliance and strategic partnerships positions
Yellow Card boosts African fintech and financial inclusion. This chapter offers South Africans safer and more accessible bitcoin banking services.