Yellow Card, a cryptocurrency exchange, is actively pursuing regulatory approval from Nigeria’s Securities and Exchange Commission (SEC) following its successful acquisition of a Crypto Asset Service Provider (CASP) license in South Africa.
Efforts to Secure Approval in Nigeria
Lasbery Oludimu, Vice President of Global Operations and Managing Director at Yellow Card Nigeria, confirms that the company has submitted its application under the SEC’s Accelerated Regulatory Incubation Program (ARIP). The exchange is now awaiting approval, emphasizing its commitment to operational transparency and compliance.
Oludimu highlights Nigeria’s progress in crypto regulation, citing ARIP’s structured framework as a significant step toward fostering a safer and more inclusive environment for digital asset users.
“ARIP positions Nigeria as a leader in crypto regulation, aligning with global standards and creating opportunities for the blockchain ecosystem,” she states.
Lessons from South Africa
Yellow Card draws on its experience in South Africa, where the licensing process involved rigorous application procedures and on-site inspections. This has prepared the company to meet similar regulatory requirements in Nigeria.
“The comprehensive inspection process in South Africa strengthened our ability to navigate regulatory frameworks, ensuring compliance and transparency,” Oludimu explains.
Expanding Operations with New Funding
Following its $33 million Series C funding, Yellow Card is focusing on advancing its infrastructure, particularly in stablecoin technology and business-to-business solutions. The company aims to offer seamless tools for liquidity management and financial inclusion, particularly in underbanked regions like Nigeria.
“This funding enables us to support stablecoin adoption, providing accessible solutions for payments and inflation hedging,” Oludimu notes.
Strengthening Global Partnerships
Yellow Card has also partnered with PayPal and Xoom to enhance cross-border payment solutions using PayPal USD (PYUSD) and blockchain technology. This collaboration simplifies international transactions and expands global trading opportunities for African users.
Regulatory Developments in Nigeria
In 2024, Nigeria’s SEC granted initial approval to crypto exchanges Quidax and Busha under the ARIP program, establishing them as recognized trading platforms. Additionally, four companies were admitted to the Regulatory Incubation Program to test their operations and technology.
The SEC continues to evaluate applications to ensure compliance with regulatory standards, underscoring Nigeria’s commitment to fostering a robust and secure cryptocurrency ecosystem.
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