South African leading cryptocurrency exchange trading firm, VALR, has been granted both Category I and Category II licence by the Financial Sector Conduct Authority (FSCA) of South Africa to function as a Crypto Asset Service Provider (CASP).
VALR, which was established in 2018, is a digital asset platform that allows customers to buy, sell, store and transfer Bitcoin and 60 other cryptocurrencies, making it the widest selection of any platform in Africa.
Farzam Ehsani, co-founder and CEO of VALR, who made the announcement in a statement on Tuesday, said it came on the heels of recently obtained approval to offer crypto services in Europe, and another operating license in Dubai.
“VALR has now been licensed as a CASP by the FSCA, making it one of the first crypto asset platforms to receive regulatory approval in both categories in South Africa,” the statement said.
“VALR serves over 1,000 corporate and institutional clients and more than half a million traders worldwide.
“The South African regulatory authority has established a regulatory framework for CASPs, a sector encompassing crypto asset exchanges, wallet providers, custodians and other providers of financial services in respect of crypto assets.
“By licensing and regulating these entities, the country aims to foster trust, protect investors and consumers, and promote sustainable growth within the crypto industry.
“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,” said Ehsani.