VALR, the Pantera-backed crypto exchange headquartered in Johannesburg, announced that it has been granted 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).
The FSCA opened CASP license applications in June 2023, giving crypto asset providers six months within which to apply for a license to be compliant with South African regulations.
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.
VALR, founded in 2018, serves more than 1 000 corporate and institutional clients and more than 500 000 traders globally. The platform caters to both professional and retail traders.
Farzam Ehsani, co-founder and CEO of VALR, comments: “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.
“We welcome this regulatory milestone for South Africa and applaud the regulators for taking this important step for the nation.”