VALR, the prominent crypto exchange backed by Pantera Capital and based in Johannesburg, has achieved a significant regulatory milestone by obtaining both a Category I and Category II license from the Financial Sector Conduct Authority (FSCA) of South Africa.
This approval establishes VALR as one of the pioneering crypto asset platforms to receive dual-category regulatory approval in the region.
In June 2023, the FSCA initiated the application process for Crypto Asset Service Provider (CASP) licenses, setting a six-month deadline for crypto asset providers to comply with South African financial regulations. The established regulatory framework for CASPs includes crypto exchanges, wallet providers, custodians, and other financial services related to crypto assets. This framework aims to build trust, protect investors and consumers, and encourage sustainable growth in the crypto industry across South Africa.
Since its founding in 2018, VALR has grown to become the largest crypto asset exchange in South Africa and across Africa by trading volume. The platform boasts over 1,000 corporate and institutional clients and services more than half a million traders worldwide. VALR offers a comprehensive range of crypto trading services and features one of the most sophisticated Application Programming Interfaces (APIs) in the industry, catering to both algorithmic and high-frequency traders.
Farzam Ehsani, Co-Founder and CEO of VALR, expressed his enthusiasm about the licenses: “Obtaining the CASP license from the FSCA is a monumental achievement for VALR. Over the past six years, we have actively collaborated with the South African regulators who have now pioneered a regulatory regime, allowing innovation to flourish while protecting the public interest. Our license underscores our unwavering dedication to compliance, security, and providing a trustworthy platform for the crypto community. We welcome this regulatory milestone for South Africa and applaud the regulators for taking this important step for the nation.”
About VALR
VALR is a leading global crypto exchange offering high-performance trading markets in cryptocurrencies. Headquartered in Johannesburg, South Africa, VALR serves over 1,000 corporate and institutional clients and more than half a million traders globally. The exchange has secured $55 million in equity funding from top-tier investors such as Pantera Capital, Coinbase Ventures, and Avon Ventures, affiliated with the parent company of Fidelity Investments. For more information, click here.
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