VALR, a crypto exchange located in Johannesburg, South Africa, has recently announced that it obtained a Category I and Category II license from the Financial Sector Conduct Authority of South Africa, making it a Crypto Asset Service Provider (CASP).
VALR is among the first cryptocurrency asset platforms to receive approval in both categories in South Africa. The FSCA began the CASP license applications in June 2023, allowing crypto asset providers six months to apply and comply with South African regulations covering exchanges, wallet providers, custodians, and other financial service providers dealing with crypto assets.
By licensing and regulating these entities, South Africa aims to build trust, protect investors and consumers, and promote sustainable growth in the crypto industry.
CEO of VALR, Farzam Ehsani, commended the regulators for paving the way for innovation while ensuring the public's interests are safeguarded. He emphasized VALR's commitment to compliance, security, and providing a reliable platform for the crypto community.
Since its establishment in 2018, VALR has grown to become the largest crypto asset exchange in South Africa and Africa by trade volume. It serves over 1,000 corporate and institutional clients and more than half a million traders globally, offering a wide range of crypto trading services and advanced APIs for algorithmic and high-frequency traders.
