All licensed cryptocurrency exchanges in South Africa

• Yellow Card is the latest cryptocurrency trader licensed to operate in South Africa, although it has been based in South Africa since 2020.
• The Financial Sector Conduct Authority (FSCA) said there were 75 licensed crypto exchanges locally as of April 2024.
• There are two different categories of crypto license in South Africa.

Now joining the likes of Luno, Coinbase, VALR, Bybit and eToro, Nigeria-based crypto exchange Yellow Card has become the latest cryptocurrency exchange licensed to operate in South Africa, just in time for the 2024 crypto boom behind the space. It rocketed Bitcoin.

The company has been operating without a license in the country since 2020 but would have to obtain or obtain a license with new regulations introduced last year. shall be fined at least 10 million Rupees.

Yellow Card shared in a press release that it received a Crypto Asset Service Provider (CASP) license from the Financial Sector Conduct Authority (FSCA) in South Africa this week.

According to FSCA only 75 licensed crypto exchanges (PDF) In South Africa, Yellow Card joins the small list as of April 2024. There are probably a few more at this point at the end of the year.

All licensed crypto exchanges in South Africa as of April 2024

There are two different category types for the CASP license issued by the conduct authority: Cat I and Cat II.

Cat I licenses can provide financial advisory and brokerage services, while Cat II licenses can do both and may also authorize investment management. For example, Luno has a Cat 1 license while VALR has a Cat 2 license.

“The CASP license underlines Yellow Card’s commitment to its customers in South Africa and regulatory compliance across the continent. This achievement reflects our commitment to providing secure, compliant and transformative solutions to our customers both in South Africa and across Africa,” said Chris Maurice, co-founder and CEO of Yellow Card.

Yellow Card first change To obtain a license on the continent after Botswana introduces the regulation in 2022.

“This will show regulators in other markets that we are not just another cryptocurrency company, we are pioneers, pushing boundaries and setting standards,” Maurice explained at the time.

Yellow Card claims to have processed over $3 billion in transactions across 20 African markets, and not just in crypto trading. The company has expanded cross-border payment convenience, digital wallets, crypto payments and more.

Works in: 20 countries across Africa.

Yellow Card’s licensing comes at a time when Bitcoin is on track to reach a $100,000 valuation for a single token; Crypto investors and enthusiasts in the US and around the world, I promised New American President Donald Trump introduced more flexible regulations.

(Image – André François McKenzie Open remove splatter)