Jai Sahu
The Financial Sector Conduct Authority (FSCA) of South Africa has granted VALR, a cryptocurrency exchange backed by Pantera with headquarters in Johannesburg, both Category I and Category II licenses to operate as a Crypto Asset Service Provider (CASP). This achievement makes VALR one of the pioneer platforms for cryptocurrency assets in South Africa to receive approval from regulators in both categories.
To adhere to South African regulations, crypto asset providers have a six-month window from the launch of CASP license applications by the FSCA to apply for a license. The regulatory body in South Africa has developed a framework for CASPs, covering exchanges of cryptocurrency assets, wallet providers, custodians, and other financial service providers involved with cryptocurrency assets. Through the registration and oversight of these entities, the country aims to protect consumers and investors, instill confidence, and foster the long-term growth of the cryptocurrency sector.
Established in 2018, VALR has emerged as the largest cryptocurrency asset exchange in South Africa and across the African continent based on trading volume. The exchange serves over 500,000 traders globally and more than 1000 corporate and institutional clients. It offers a comprehensive range of cryptocurrency trading services to both retail and professional traders. Additionally, VALR boasts one of the industry’s most robust Application Programming Interfaces (APIs), utilized by algorithmic and high-frequency traders.
Farzam Ehsani, the Co-Founder and CEO of VALR, said:
“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.”