Africa’s leading centralized crypto exchange, Yellow Card, unveils plans to obtain a license in Nigeria post the Central Bank’s move to lift the crypto ban. Explore how the regulatory shift is propelling Yellow Card’s ambitions in the crypto-friendly Nigerian market.
Yellow Card, the prominent crypto exchange in Africa, is set to capitalize on Nigeria’s evolving stance on cryptocurrencies. With the Central Bank lifting the crypto ban, Yellow Card eyes a license in Nigeria, aligning with its commitment to operating in a regulated environment. Ogochukwu Umeokafor, Yellow Card’s Director of Product Management, emphasizes the significance of regulation for building trust and fostering business confidence.
Previously hindered by stringent regulatory conditions, Yellow Card sought support from Nigeria’s Securities and Exchange Commission (SEC). Now, with the CBN encouraging crypto trading and instructing banks to open accounts for crypto firms, the path is clear for Yellow Card’s expansion. This strategic move by Nigeria reflects a shift towards embracing crypto markets while ensuring compliance with crypto-friendly regulations.