The Financial Sector Conduct Authority (FSCA) of South Africa has awarded VALR, the Pantera-backed cryptocurrency exchange with its headquarters located in Johannesburg, both a Category I and Category II license to operate as a Crypto Asset Service Provider (CASP). With this accomplishment, VALR becomes one of the first platforms for cryptocurrency assets in South Africa to be approved by regulators in both categories.
In order to comply with South African rules, crypto asset providers have six months from the day the FSCA launched CASP license applications to apply for a license. A regulatory framework for CASPs, which include exchanges of cryptocurrency assets, wallet providers, custodians, and other financial service providers related to cryptocurrency assets, has been developed by the regulatory body in South Africa. Through the registration and regulation of these organizations, the nation hopes to safeguard consumers and investors, build confidence, and encourage lo
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