Yellow Card, a pan-African stablecoin infrastructure company that raised 33 million in October, has secured a Crypto Asset Service Provider CASP licence in South Africa, a significant step in its regional expansion. This comes as South Africa continues to relax its regulatory stance on cryptocurrency in 2024, with over 138 companies now licensed to operate within the countrys regulated crypto ecosystem.
Yellow Card South Africa is now an authorised financial services provider FSP in South Africa. The scope of the authorisation encompasses crypto assets, but it can be easily expanded to include various other financial assets, including stocks and tokenised securities, the company told TechCabal.
Yellow Card, which entered South Africa in 2020, operates in 20 African countries, allowing users to use stablecoins to send money across these countries. The startup claims to have facilitated over 3 billion in transactions since its inception in 2016.
We look forwardto building on our licence stack in South Africa and exploring how that will enable further opportunities, not only in South Africa and the SADC region, but across the continent, the company said.
South African regulators began licensing providers of advisory services, exchanges, payment gateways, and wallets to bring oversight to the countrys growing crypto industry as the industry processed 26 billion in transactions between June 2023 and June 2024.
