VALR receives two licenses from South Africa’s Financial Sector Conduct Authority following new requirements for exchanges in the country.
South African cryptocurrency exchange VALR has been granted new crypto asset service provider licenses from the Financial Sector Conduct Authority following new requirements for industry firms.
Speaking to Cointelegraph, VALR co-founder and CEO Farzam Ehsani said securing a CASP license from the FSCA was a significant milestone for the exchange. Ehsani also explained the difference between the two categories of licenses. A CAT I license is the standard financial service provider license required for a CASP in South Africa to provide advice or exchange services to its customers.
The act aims to protect customers and investors and enable regulators to take enforcement action for compliance failures. South Africa became the first African country to formally license cryptocurrency exchanges through regulatory frameworks that have been in development since 2021.from cryptocurrency platforms in March 2024. At the time of the initial Reuters report, the FSCA was processing 262 licensing applications from crypto exchanges out of 355 applicants.
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