🇺🇸 African Regulators Expected to Follow U.S. Crypto Trends
🌍 Chris Maurice, CEO of Yellow Card, believes that the recent shift towards a crypto-friendly government in the U.S. will encourage African regulators to establish their own rules for the cryptocurrency sector. He noted that this change in attitude from regulators and traditional banks gives his company optimism about the future of crypto in Africa.
📝 These comments come in the wake of U.S. President Donald Trump signing an executive order aimed at strengthening America's position in digital asset innovation and blockchain technology. The order mandates U.S. agencies to reassess existing regulations related to digital assets and propose updates within 60 days.
📈 Maurice's remarks were made shortly after the U.S. Securities and Exchange Commission (SEC) announced the formation of a cryptocurrency task force. This task force is expected to assist the Commission in establishing clear regulatory guidelines and creating sensible disclosure frameworks.
🔄 The shift in America's approach to crypto under Trump is likely to impact African regulators, who often look to the U.S. for regulatory guidance. Maurice has noticed a change in sentiment among traditional banks since Trump's election, stating,
We’re having conversations with banks and other major financial institutions that a couple of months ago, they didn’t want to hear about crypto... Now these guys are calling us, they’re interested.
🇳🇬 Meanwhile, Maurice expressed hope for Yellow Card's approval to operate from Nigeria’s securities regulator. In August 2024, Nigerian authorities granted permission to local digital asset exchanges Busha and Quidax to operate, with more licenses expected to be issued in 2025.
💪 Regarding the increasing use of cryptocurrencies in Africa, particularly stablecoins, Maurice suggested that the "Trump effect" will help African countries maintain their lead in the crypto market.