The impact of a crypto-friendly government in the United States is expected to have a ripple effect on African regulators, according to Chris Maurice, CEO of Yellow Card, an Africa-focused digital asset platform. Maurice believes that the recent shift in attitude from both regulators and traditional banks towards cryptocurrencies gives his company confidence about the future of the sector on the continent.
Maurice’s comments come on the heels of U.S. President Donald Trump signing an executive order aimed at enhancing America’s leadership in digital asset innovation and blockchain technology. This move requires U.S. agencies to reassess existing regulations related to digital assets and propose updates within a 60-day period.
In a significant development, the U.S. Securities and Exchange Commission (SEC) has also announced the launch of a cryptocurrency task force. This task force is expected to assist the Commission in establishing clear regulatory guidelines, facilitating registration processes, and creating disclosure frameworks that are practical and sensible.
The change in America’s approach to cryptocurrencies under the Trump administration is likely to influence African regulators, who often take cues from U.S. regulations before formulating their own. Maurice has observed a shift in sentiment, particularly among traditional banks, since Trump assumed office in early November 2024.
“We’re seeing a change in attitude from banks and other major financial institutions who previously shied away from crypto. Now, they are actively reaching out to us, expressing interest in understanding how to enter the space. The ‘Trump effect’ is definitely a contributing factor to this shift,” Maurice explained.
Looking ahead, Maurice is hopeful that Yellow Card will receive approval to operate from Nigeria’s securities regulator. While Nigerian authorities have already granted permission to local digital asset exchanges Busha and Quidax to operate in the country, the head of Nigeria’s securities commission has indicated plans to issue more licenses in 2025.
In light of the growing use of cryptocurrencies, particularly stablecoins, in African countries, Maurice believes that the influence of the “Trump effect” will help these nations maintain their foothold in the crypto market.
As Yellow Card continues to navigate the evolving regulatory landscape, the company remains optimistic about the opportunities that lie ahead in Africa’s burgeoning digital asset ecosystem. Stay tuned for more updates on Yellow Card’s journey in the ever-changing world of cryptocurrencies.