Summary
- Yellow Card has obtained its Virtual Asset Service Provider (VASP) license in Poland.
- The company is also registered for AML data and financial crime reporting.
- This is Yellow Card’s first VASP outside Africa according to its CEO, Chris Maurice.
Yellow Card’s subsidiary in Poland has obtained its Virtual Asset Service Provider (VASP) license from the Polish Register of Activities in the Scope of Virtual Currencies, maintained by the Polish Ministry of Finance. The Company is now also registered for AML data and financial crime reporting purposes with Poland’s General Inspector for Financial Information.
Chris Maurice, Yellow Card’s co-founder and CEO, stated, “We are pleased to have completed the VASP registration process in Poland, which represents our first VASP registration outside of Africa. This license really speaks to our world-class compliance and legal functions that work tirelessly to make regulatory engagements like this across the world possible.”
As the largest and first licensed Stablecoin on/off ramp on the African continent, operating across 20 countries, Yellow Card has positioned its reach and impact beyond the continent. By leveraging its Stablecoin on/off ramps and payments API, Yellow Card aims to streamline cross-border transactions, empowering individuals and businesses on both continents to access efficient and secure financial services.
Craig Stoehr, Yellow Card’s General Counsel, added, “Yellow Card is a staunch proponent for the regulation of virtual assets, as regulatory and licensing frameworks promote consumer protection and create a level playing field while fostering innovation. Our Polish VASP registration represents the first step in our journey to ultimately acquire a MiCA license to further enhance our offerings between Africa and Europe.”
Yellow Card was the first company to secure a crypto license in Africa, when it received a VASP license to operate in Botswana, marking a significant milestone. In addition to its VASP licenses in Botswana and Poland, Yellow Card holds a general financial services license for the CEMAC region. The company is also a participant in the Bank of Zambia’s Fintech regulatory sandbox. These initiatives aim to foster collaboration with governments and regulatory bodies, gain insights into local regulatory frameworks, and foster innovation and expansion within the cryptocurrency sector.
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Read: Yellow Card’s Insights on Digital Assets Regulations in Kenya