The Financial Sector Conduct Authority (FSCA) of South Africa has awarded VALR, the Pantera-backed cryptocurrency exchange with its headquarters located in Johannesburg, both a Category I and Category II license to operate as a Crypto Asset Service Provider (CASP). With this accomplishment, VALR becomes one of the first platforms for cryptocurrency assets in South Africa to be approved by regulators in both categories.
In order to comply with South African rules, crypto asset providers have six months from the day the FSCA launched CASP license applications to apply for a license. A regulatory framework for CASPs, which include exchanges of cryptocurrency assets, wallet providers, custodians, and other financial service providers related to cryptocurrency assets, has been developed by the regulatory body in South Africa. Through the registration and regulation of these organizations, the nation hopes to safeguard consumers and investors, build confidence, and encourage long-term development in the cryptocurrency sector.
By trading volume, VALR, which was established in 2018, is now the biggest cryptocurrency asset exchange in South Africa and on the African continent. More than 500,000 traders worldwide and more than 1000 corporate and institutional customers are served by the exchange. The platform provides a wide range of cryptocurrency trading services to both retail and professional traders. It also has one of the industry’s most powerful Application Programming Interfaces (APIs), which algorithmic and high-frequency traders employ.
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.”
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