VALR and other players in the cryptocurrency space have announced that they received their crypto asset service provider licences.
South Africa’s biggest cryptocurrency exchange by trading volume, VALR , has announced that the Financial Sector Conduct Authority has issued its crypto asset service provider licence.Headquartered in Johannesburg, VALR has secured $55 million in equity funding from investors like Pantera Capital, Coinbase Ventures, and Avon Ventures .
“We are processing those licensing applications and we’re doing so in a phased kind of manner given the numbers,” said FSCA Commissioner Unathi Kamlana. “As we license and supervise, we will discover that perhaps there are gaps that cannot be closed by the existing regulatory framework, the FAIS Act. We might need to build on that as we discover what those are,” said Kamlana.Unathi Kamlana, FSCA Commissioner
Applicants and their key individuals and representatives must have no history of legal or professional misconduct and must not be under investigation or proceedings that could result in conviction.If not already regulated as a bank or insurer, the applicant must demonstrate financial soundness, with different requirements depending on whether the applicant will hold or receive client assets.
“Obtaining the CASP license from the FSCA is a monumental achievement for VALR,” said co-founder and CEO Farzam Ehsani.
Financial Sector Conduct Authority (FSCA) Future Forex Headline Jaltech Luno Merritt Administrators Unathi Kamlana VALR Zignaly Cryptocurrency
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