LegalBison helps Yellow Card with incorporation and VASP registration

Meet Yellow Card

Established in 2016 by Chris Maurice (CEO) and Justin Poiroux (CTO), Yellow Card is the leading on/off ramp for Stablecoins and other digital assets in Africa. It is focused on providing stablecoin on/off-ramp solutions to businesses, allowing their clients to buy and sell stablecoins and other popular digital assets. With the assistance of LegalBison, Yellow Card obtained a VASP registration promptly.

Challenges at Hand

As the leading on/off ramp for stablecoins and other virtual assets on the African continent, Yellow Card aimed to facilitate stablecoin and other digital asset transactions between customers within and outside of Africa, which required a VASP registration in a jurisdiction outside of Africa. However, the process included certain challenges that required consultation and further assistance from a trustworthy legal partner.

Choosing the right licensing authority

The next stage was to open the door to the most appropriate jurisdiction in which to obtain a VASP registration outside of Africa. In order for Yellow Card to achieve its business objectives, Yellow Card needed authorization to provide digital asset-related services, and LegalBison was ready to assist the company with its acquisition.

Obtaining a VASP registration within a short timeframe

After choosing the most appropriate jurisdiction, Yellow Card needed LegalBison to prepare all the necessary legal documentation and compliance paperwork in order to submit a licensing application as quickly as possible. The practical procedure of applying for a VASP registration required a high level of experience and knowledge of the administrative subtleties, which was provided in full by LegalBison.

Solutions with LegalBison

• Choosing a suitable jurisdiction

When analyzing the available licensing options for Yellow Card, the professionals at LegalBison concentrated on the main purpose of the company, which was to find a suitable jurisdiction outside of Africa in which to obtain a registration to facilitate inbound and outbound stablecoin and other digital assets transactions. In close cooperation with Yellow Card, LegalBison defined the most suitable jurisdiction that would allow for it to be made into reality.

• Incorporating a company

After the primary consultation with Yellow Card, LegalBison undertook the process of company formation. The incorporation procedure was based on the business model of the client.

• Applying for a VASP registration

Close to the finish line, LegalBison undertook the processes of forming and submitting a licensing application on behalf of Yellow Card. Relying on the timeframe provided by the client, LegalBison prepared the full package of compliance documentation required by the licensing authority. The lawyers at LegalBison fully took on the administrative processes, which made it possible for Yellow Card to obtain a VASP registration swiftly and without complications.

• Ensuring ongoing compliance

After finalizing the licensing process, LegalBison kept providing Yellow Card with ongoing legal advice and support in fulfilling mandatory compliance obligations. Using continuous support from LegalBison, Yellow Card managed to stay within the regulatory framework of the licensing authority and conduct all the necessary compliance reporting on time.

Conclusion

Yellow Card is the leading on/off ramp for stablecoins and other digital assets across Africa. On its part, LegalBison put the effort into making the client’s aspirations possible, ensuring a quick and hassle-free obtainment of a VASP registration for Yellow Card.

What did LegalBison do?

• Company formation
• Assistance with choosing a licensing authority
• Forming and submitting a VASP license application

How did LegalBison do it?

LegalBison assisted Yellow Card with acquiring a VASP authorization in only a few months, which was crucial to enable the company to meet its business objectives.

The benefits of working with LegalBison

Craig Stoehr, Yellow Card’s General Counsel, said, “LegalBison facilitated the process of VASP authorization for Yellow Card on all levels by submitting the documents required by the regulator and helping the company meet the licensing requirements. LegalBison took care of the administrative side in full, allowing Yellow Card to concentrate on running the business. As a result of the fruitful cooperation with LegalBison, Yellow Card obtained a VASP registration, fast and without any legal complications.”