Crypto exchange, Yellow Card, eyes licensing in Nigeria after acquiring CASP in South Africa  

VP of Global Operations and MD at Yellow Card Nigeria, Lasbery Oludimu, disclosed this in an interview with Naijaonpoint.

According to him, the company, which recently raised $33 million in Series C funding, has already submitted an application to the SEC under the Accelerated Regulatory Incubation Programme (ARIP) and is awaiting approval in principle.

While noting that the licensing process in South Africa was rigorous and required the company to not only submit a comprehensive application but also face an on-site inspection, Oludimu said Yellow Card is prepared to face the same in Nigeria.

“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.  

“Our operational transparency and investment in compliance will help us navigate these processes effectively,” he said.

On crypto regulation in Nigeria, Oludimu said the SEC has made remarkable strides in that regard through its ARIP program.

“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.  

“This is a departure from the not-so-distant past and commendable progress which can only lead to shared prosperity for the country, businesses, and growing blockchain ecosystem believers,” he said.

Nigeria’s SEC in August this year announced that it had granted an Approval-in-Principle to two crypto exchanges Quidax and Busha, giving them the status of legally recognised crypto trading platforms in the country.

It added that other applications received are being assessed and would be granted Approval-in-Principle on a case-by-case basis as they meet all its requirements.