Yellow Card, one of Africa’s leading cryptocurrency exchanges, is making moves to secure regulatory approval from Nigeria’s Securities and Exchange Commission (SEC).This comes after the company bagging a Crypto Asset Service Provider (CASP) licence in South Africa last month.Nigeria is already a major hotspot for cryptocurrency adoption in Africa.
Millions of Nigerians rely on digital assets for everything from remittances to savings and investments. But with this development comes the challenge of keeping the market in check, and that’s where the SEC steps in. Its role is to ensure that crypto platforms like Yellow Card follow strict rules, prioritising security and investor protection. For Yellow Card, getting the green light from Nigeria’s SEC isn’t just about ticking a regulatory box. It’s a game-changer.
Approval would mean expanding its offerings, rolling out new products, and solidifying its position as a trusted name in Nigeria’s buzzing crypto scene. Regulatory compliance has always been Yellow Card’s thing. Since its start, the company has worked with regulators across Africa. It got approval in Botswana in 2022 and added South Africa to its list in 2024. Now, Nigeria’s the next big target.
The Nigerian SEC, on its part, has been pretty proactive about regulating the crypto space. Back in 2022, it rolled out guidelines for digital asset platforms, tweaking the rules this year with proposed fee hikes. If Yellow Card secures this licence, it’ll be a win not just for the company but for Nigeria’s crypto enthusiasts.