VALR FZE, a subsidiary of South African startup VALR, Africa’s largest bitcoin exchange by trading volume, has received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA).
Established in 2018, VALR is a digital asset platform that allows customers to buy, sell, store and transfer Bitcoin and 60 other cryptocurrencies – the widest selection of any platform in Africa – seamlessly and securely.
The company, which raised a US$50 million Series B funding round in March 2022, now serves half a million retail customers and over 800 corporate and institutional clients from across the globe, and has processed over US$10 billion in trading volume.
Building on its successful track record in South Africa, where VALR has established itself as the leading crypto exchange by trading volume, the company aims to replicate its market-leading products and services on a global scale, reaching a broader audience from Dubai.
The initial approval granted to VALR FZE does not allow it to undertake any virtual asset services yet, but is a critical step as it seeks to establish a virtual asset exchange in Dubai and affirms VALR’s position as a reputable player in the virtual asset industry, committed to upholding the highest standards of operational integrity, compliance and security.
VARA, established in March 2022 under the Dubai Virtual Asset Regulation Law, is the world’s first independent regulator for the virtual assets sector. Obtaining initial approval from VARA is a significant milestone that marks a major step forward in VALR’s global expansion plans.
“For the past five years, VALR has been working closely with regulators to inform regulatory frameworks that protect the public while allowing responsible innovation to flourish,” said Farzam Ehsani, Co-founder and CEO of VALR. “This initial approval from VARA is a significant milestone for VALR to bring our products and services to a more global audience under the auspices of a world-leading regulator.”
