VALR exchange obtained Category 1 and 11 licenses to operate as a Crypto Asset Service Provider (CASP) in South Africa. This license was issued to VALR by South Africa's Financial Sector Conduct Authority (FSCA).

VALR has become one of the licensed cryptocurrency exchanges in South Africa. This move comes in response to the government's mandatory requirement for regulating all cryptocurrency-related establishments by the end of 2023, amid the growing number of trading exchanges. The licensing mandate aims to safeguard users' interests and ensure consumer protection in the cryptocurrency market

It was reported in march, that the Financial Sector Conduct Authority (FSCA) approved the licensing of 69 crypto platforms amongst the 355 applications they had earlier received in November 2023.

The two licenses allow VALR to not just operate as a financial service provider, but also to make investment decisions on behalf of their customers, giving them the authority to manage customer's investment portfolio according to their judgement and expertise.

"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," VALR CEO Farzam Ehsani disclosed to Cointelegraph.