Crypto trader Yellow Card legalised in South Africa

By Andrei Skvarsky.

Pan-African cryptocurrency trader Yellow Card has announced it has been legalised in South Africa as the country’s financial sector regulator issued it with a licence.

Yellow Card, reputedly Africa’s main stablecoin trader, said in a statement that the use of stablecoins, which are designed to be less volatile than bitcoins and other cryptocurrencies, is “surging throughout Africa”.

South African official statistics of several months ago put the number of South Africans owning crypto assets at 5.8m, making up nearly 10 per cent of the country’s population.

Yellow Card said in its statement that by October 2024 the use of stablecoins in South Africa had rocketed by about 50 per cent month-on-month.

Yellow Card is the first stablecoin trader to have been licensed in Africa and operates in about 20 of the continent’s 54 countries.

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