VALR, the Pantera-backed crypto exchange based in Johannesburg, South Africa announced on April 15 that it has been awarded both a Category I and Category II license by the Financial Sector Conduct Authority (FSCA) of South Africa as a Crypto Asset Service Provider (CASP).
This achievement positions VALR among the initial cryptocurrency asset platforms to secure regulatory approval in both categories in South Africa.
The FSCA initiated CASP license applications in June 2023, granting crypto asset providers a six-month window to seek licensure and comply with South African regulations. The regulatory framework established by the South African authority encompasses crypto asset exchanges, wallet providers, custodians, and other financial service providers dealing with crypto assets.
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Through licensing and regulating these entities, the country aims to cultivate trust, safeguard investors and consumers, and foster sustainable growth within the crypto industry.
CEO of VALR applauds regulators
Farzam Ehsani, the Co-Founder and CEO of VALR, expressed:
“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.”
Ehsani added:
“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.”
VALR becomes largest crypto asset exchange in South Africa
Founded in 2018, VALR has emerged as the largest crypto asset exchange in South Africa and the entire African continent by trade volume.
With a clientele exceeding 1,000 corporate and institutional clients and over half a million traders globally, the platform caters to both professional and retail traders.
VALR offers a diverse range of crypto trading services and boasts one of the most advanced Application Programming Interfaces (APIs) in the industry, catering to algorithmic and high-frequency traders.
