VALR Bags Regulatory Nod In Poland In Major Global Expansion Push
Highlights
- South Africa’s VALR obtained a license in Poland.
- The company seeks an expansion to diverse jurisdictions.
- This comes as the country’s financial regulator issued licenses to 75 firms.
VALR, the largest cryptocurrency exchange in South Africa has bagged a license in Poland as the company set sights on a wider global expansion. The recent company’s effort after it received a license from financial regulators in South Africa and now plots to take on the best crypto exchanges in South Africa according to Reuters.
The expansion plan of VALR will see the firm target regulated markets across Africa, Europe, and other jurisdictions. The company’s move to get a license in Poland is part of plans to onboard more users in its growth path.
At the moment, about 75% of its firms are South African users while the rest are gotten from foreign markets as it expands its services.
“Founded in 2018, VALR offers spot trading, margin trading, perpetual futures, and staking products to its over 600,000 retail customers and over 1,000 institutional customers across South Africa and globally.”
VALR Sets Sights on Global Expansion
Farzam Ehsani, the CEO of VALR highlighted the plans of the company for the future. Aside from Poland, VALR obtained initial approval from the Virtual Assets Regulatory Authority (VARA) in Dubai including other moves in Mauritius.
In Africa, the company has Ghana, Kenya, Nigeria, and Egypt as possible future destinations. VALR plans for Nigeria were paused following the county’s crypto policies. This year, Nigeria shifted its crypto stance after claims that the operations of top digital asset exchanges affected local currency.
This led to a telecom ban of several crypto exchanges including Binance and an arrest of two company executives.
South Africa’s Approval Spur Expansion
Last month, the Financial Sector Conduct Authority (FSCA) approved 16 licenses taking the total number of licensed crypto firms to 75. The move ushers in a regulatory environment for all stakeholders enabling growth in the market.
After securing approval in Africa, crypto firms now seek to expand into global players boosting regional and international partnerships.
“The intention here is to be able to provide products and services to a global audience that is continuously growing. The intention is to become a global player because we’re not satisfied with being the largest in Africa.”
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