South African Crypto Exchange VALR Secures Regulatory Approval
VALR, a leading crypto exchange in South Africa, has recently announced that it has obtained regulatory approval from the country’s financial watchdog. This milestone marks a major achievement for the company and the crypto industry in South Africa.
In 2022, VALR received a valuation of $240 million after a successful fundraiser led by Pantera Capital. Now, the exchange has received a Category I and Category II license from the Financial Sector Conduct Authority (FSCA) as a crypto asset service provider (CASP).
A Growing Trend of Regulatory Approvals in South Africa
VALR is part of a growing trend in South Africa of crypto companies receiving regulatory approvals. Last week, both exchange platform Luno and crypto social investment platform Zignaly also announced they had received FSCA licenses.
This comes after the African country approved legislation in 2023 to expand the regulator’s scope to include oversight of crypto assets. This move has been welcomed by the industry and is seen as a significant step forward for the nation.
VALR Expresses Gratitude for Regulatory Recognition
In a press statement, Farzam Ehsani, the co-founder and CEO of VALR, expressed his gratitude for the regulatory recognition, stating, “Obtaining the CASP license from the FSCA is a monumental achievement for VALR. We welcome this regulatory milestone for South Africa and applaud the regulators for taking this important step for the nation.”
VALR currently serves over 1000 corporate and institutional clients and more than half a million crypto traders worldwide. As the industry continues to grow and evolve, the regulatory approvals in South Africa will help to provide a safe and secure environment for users to trade and invest in cryptocurrencies.
Edited by Parikshit Mishra.