valr Approves Regulations in Poland in Major Global Expansion Move
VALR, South Africa’s largest cryptocurrency exchange, has acquired a license in Poland as the company sets its sights on wider global expansion. The company’s recent effort is to make plans to take over top crypto exchanges after obtaining a license from financial regulators in South Africa. Reuters.
VALR’s expansion plan will see the firm target regulated markets in Africa, Europe and other jurisdictions. The company’s move to obtain a license in Poland is part of its plans to add more users on its growth path.
Currently, around 75% of their firm consists of South African users, with the rest coming from foreign markets as it expands its services.
“Founded in 2018, VALR offers spot trading, margin trading, perpetual futures and staking products to over 600,000 retail customers and over 1,000 institutional customers in South Africa and globally.”
VALR Aims for Global Expansion
VALR CEO Farzam Ehsani highlighted the company’s future plans. VALR has received initial approval from the Virtual Assets Regulatory Authority (VARA) in Dubai, with further moves in Poland as well as Mauritius.
The company’s possible future destinations in Africa include Ghana, Kenya, Nigeria and Egypt. VALR plans for Nigeria have been paused in the wake of the country’s crypto policies. This year, Nigeria changed its stance on crypto following allegations that the operations of leading digital asset exchanges were affecting the local currency.
This led to telecom bans from many crypto exchanges, including: Binance and the arrest of two company executives.
Approved Expansion of South Africa
Last month, the Financial Sector Conduct Authority (FSCA) approved 16 licenses, bringing the total number of licensed crypto firms to 75. This move ushers in a regulatory environment for all stakeholders that enables growth in the market.
After gaining approval in Africa, crypto firms are now looking to transform into global players by strengthening regional and international partnerships.
So read: Bitcoin Faces $182 Million Outflow as ETF Demand Cools: Bloomberg
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