South African crypto exchange, VALR, has received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) as it set its sights on expansion there.
VARA is the sole authority regulating virtual assets across Dubai’s free zones and mainland, except within the jurisdiction of Dubai International Financial Centre (DIFC). Established in 2022, this is regarded as the world’s first independent regulator for the virtual assets sector.
Obtaining initial approval from VARA is a significant milestone that marks a major step forward in VALR’s global expansion plans, VALR said.
Established in 2018, VALR has processed over $10 billion in trading volume and has raised $55 million since launch. The exchange offers its customers the ability to trade bitcoin and a wide range of other virtual assets. According to VALR, it currently serves over half a million retail customers and over 900 corporate and institutional clients from across the globe.
The initial approval granted to VALR by FZE does not allow it to undertake any virtual asset services yet, but is a critical step as it seeks to establish a virtual asset exchange in Dubai.
“For the past 5 years, VALR has been working closely with regulators to inform regulatory frameworks that protect the public while allowing responsible innovation to flourish,” said Farzam Ehsani, Co-Founder and CEO of VALR.
“This initial approval from VARA is a significant milestone for VALR to bring our products and services to a more global audience under the auspices of a world-leading regulator.”
Moreover, the company, which in 2022 raised $50 million (over R750 million) in Africa’s largest ever crypto funding round, mentioned in its announcement that Asia, the Middle East and the UAE as attractive markets with significant crypto flows.
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“Dubai is quickly gaining recognition as a forward-thinking and pragmatic jurisdiction for crypto businesses. Setting up in Dubai provides an excellent opportunity to serve the regional market and a global customer base from a crypto and business-friendly jurisdiction,” added VALR’s Head of Growth, Blake Player.
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