Nigeria Lifts the Ban on Cryptocurrency as Yellow Card Exchange Pursues Licensing
Yellow Card Exchange, a Pan-African cryptocurrency trading platform, is currently aggressively seeking licensing opportunities in Nigeria after the Central Bank of Nigeria decided to eliminate the restriction on cryptocurrency transactions for banks operating within the nation. Yellow Card Exchange wants to be the market leader in Africa and take advantage of the first mover advantage. Though Yellow Card is already well-known in Africa and provides experiences akin to Jack Dorsey’s Cash App, regulatory uncertainty has limited its use in Nigeria. The exchange’s Director of Product Management, Ogochukwu Umeokafor, acknowledged the decision, stressing the company’s enthusiasm to operate in a regulated environment that encourages confidence among users and supports business growth.
The exchange has begun the process of requesting permission from the Nigerian Securities and Exchange Commission (SEC) to conduct business; however, this action has been delayed since the company needed to keep a working corporate account, which was not feasible according to the previous position of the CBN.
Commercial banks in the nation can now open accounts for Virtual Assets Service Providers (VASPs) after the ban was lifted, and cryptocurrency traders won’t have to worry about their assets being seized as was previously the case. Other trading platforms, in addition to Yellow Card Exchange, may enter the Nigerian market in order to take advantage of the country’s highly tech-savvy populace.
Nigeria to Reclaim its True Crypto Lead
Nigeria may now genuinely assume the lead as the principal hub for cryptocurrency trading on the African continent, as the restriction has been lifted. Different reports peg the Nigerian crypto trading numbers in line with other major crypto centers like Indonesia and Brazil. In keeping with the nation’s inclinations toward the rapidly developing cryptocurrency space, the CBN was the first major bank in Africa to introduce the e-Naira, or Central Bank Digital Currency (CBDC). All things considered, the general public’s favorable attitude toward Bitcoin has drawn a number of humanitarian initiatives to the massive West African platform. The nation will once again be seen as the actual pioneer in the cryptocurrency ecosystem thanks to these tendencies.