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REGULATION | African Crypto and Stablecoin On/Off-Ramp, Yellow Card, Files for Regulatory Approval in Nigeria
Pan African exchange, Yellow Card, is seeking regulatory approval from Nigeria’s Securities and Exchange Commission (SEC), the company’s VP of Global Operations and MD at Yellow Card, Nigeria Lasbery Oludimu, revealed.
Oludimu stated that the company has already applied to Nigeria’s Securities Exchange Commission (SEC) through the Accelerated Regulatory Incubation Programme (ARIP) and is now awaiting approval in principle.
Yellow Card, which recently received a Crypto Asset Service Provider (CASP) licence in South Africa, underwent a rigorous process which included both a comprehensive application and an on -site visit by the regulators.
The company is expecting the same treatment in its largest market.
“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, “ said Oludimu.
“Our operational transparency and investment in compliance will help us navigate these processes effectively.”
The business executive believes that the ARIP regime, introduced in June 2024, is positioning Nigeria as a leader in global regulatory standards by offering a structured framework for crypto businesses to operate within a regulated environment.
“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.”
Two local exchanges already, Busha and Quidax, have been approved under the Accelerated Regulatory Incubation Program (ARIP).
Oludimu also provided insight into the company’s plans having announced $33 million in a series C funding round in October 2024.
According to her, the round allows the company to prioritize improvements to its stablecoin infrastructure, enhancing its B2B API and Widget, and expanding its stablecoin rails to provide businesses with streamlined solutions for managing liquidity.