VALR Secures Dual Crypto Licences from South Africa's Financial Regulator, Paving the Way for Enhanced Compliance and Trust in the Crypto Sector

VALR, a South African cryptocurrency exchange, has successfully obtained dual crypto asset service provider (CASP) licences from the country's Financial Sector Conduct Authority (FSCA) in compliance with new regulatory requirements for industry firms. The licences, categorised as Category I and II, mark VALR as one of the first cryptocurrency companies in South Africa to secure both licences. VALR's co-founder and CEO, Farzam Ehsani, emphasised the significance of this milestone, highlighting the company's commitment to compliance, security, and providing a trustworthy platform for the crypto community. The FSCA initiated licence applications in June 2023, giving crypto asset service providers six months to comply with South African regulations. VALR's successful licensing underscores the growing regulatory framework for cryptocurrency exchanges in South Africa, aimed at protecting customers and investors while fostering the growth of the crypto sector.