VALR, an exchange based in South Africa, obtains two licenses for cryptocurrency transactions.

The South African cryptocurrency platform, VALR, has secured two new licenses from the Financial Sector Conduct Authority (FSCA) in line with the updated rules for crypto exchanges in the nation. These licenses, referred to as crypto asset service provider (CASP) licenses, were issued to VALR following its successful acquisition of $55 million in equity funding from benefactors including Pantera Capital and Coinbase Ventures. VALR is now among the pioneering cryptocurrency businesses in South Africa to possess both Category I and II CASP licenses. Farzam Ehsani, VALR’s CEO, communicated the firm’s dedication to adherence and security, while also congratulating the regulators for creating a supportive regulatory environment for the cryptocurrency sector that simultaneously guards investors. In June 2023, the FSCA began accepting license applications, thereby providing crypto asset service providers a six-month period to comply with South Africa’s regulations.