Fintech firm lauds Kenya’s approach to crypto regulation

Kenya’s newly passed law to regulate crypto assets is one of “the most comprehensive” of its kind in the world, said the co-founder and CEO of Yellow Card, a cryptocurrency startup.

Speaking at Semafor’s World Economy Summit in Washington, DC, Chris Maurice pointed to the legislation as an example of regulators “learning from some of the mistakes that have been made” in the US and Europe.

Yellow Card has rapidly expanded on the continent, raising $33 million in new venture capital funding from Blockchain Capital and other investors last year. It has capitalized on the growing use of stablecoins in Africa, with people using cryptocurrencies beyond cross-border trade in areas such as remittances, savings, and payroll systems. In a recent report, the company said its operations in 20 African countries — particularly Kenya, Nigeria, and South Africa — as well as other emerging markets have seen it process $6 billion in transactions, mostly in Tether and USD Coin.

“There was no better part of the world to start a company in stablecoins, and in crypto more broadly, than Africa” last year ahead of the US election, Maurice said, pointing to what he said was “a very hostile environment” in America at that time.

Cover photo:  Chris Maurice, CEO of Yellow Card. Paul Morigi/Getty Images for Semafor.