VALR, the Johannesburg-headquartered Pantera-backed cryptocurrency exchange, has been granted both Category I and Category II licenses as a Crypto Asset Service Provider (CASP) by South Africa’s Financial Sector Conduct Authority (FSCA). Announced. This milestone makes VALR one of the first crypto asset platforms to receive regulatory approval in both categories in South Africa.
The FSCA opened CASP license applications in June 2023, giving crypto asset providers a six-month deadline to apply for a license to comply with South African regulations.
The South African regulator has established a regulatory framework for CASP, a sector that includes crypto asset exchanges, wallet providers, custodians and other providers of financial services regarding crypto assets.
By licensing and regulating these entities, the country aims to foster trust, protect investors and consumers, and foster sustainable growth of the cryptocurrency industry.
Founded in 2018, VALR is now the largest crypto exchange in South Africa and the entire African continent by trading volume. This exchange serves over 1,000 corporate and institutional customers and over 500,000 traders worldwide.
The platform caters to both professional and retail traders and offers a suite of cryptocurrency trading services and one of the industry's most advanced application programming interfaces (APIs) for use by algorithmic and high-frequency traders. Masu.
Farzam Ehsani, 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 been actively working with the South African regulator, which has pioneered the regulatory regime. , enabling innovation to flourish while protecting the public interest. Our license highlights our unwavering dedication to compliance, security, and providing a trusted platform for the cryptocurrency community. We welcome this regulatory milestone in South Africa and commend the regulators on this important step for the country.”
