Valr Receives Initial Approval from Dubai’s Virtual Assets Regulator
Valr, the South Africa-based cryptocurrency exchange, has announced that it has received initial approval from Dubai’s Virtual Assets Regulatory Authority (VARA). This approval is a crucial step for Valr as it looks to expand its presence beyond South Africa. However, it does not yet allow the exchange to offer any virtual asset services.
Rationale Behind Seeking Operating License from VARA
The CEO of Valr, Farzam Ehsani, explained that the decision to seek an operating license from VARA was driven by the regulator’s reputation as a world-leading authority and the exchange’s desire to reach a global audience. Ehsani emphasized Valr’s commitment to working with regulators and fostering responsible innovation.
Dubai’s Reputation as a Forward-Thinking Jurisdiction
Valr’s Head of Growth, Blake Player, highlighted Dubai’s significant crypto flows and its reputation as a forward-thinking and pragmatic jurisdiction. He stated that setting up in Dubai provides an excellent opportunity to serve the regional market and a global customer base in a crypto and business-friendly environment.
Hot Take: Valr Expands its Reach with Initial Approval from VARA
Valr’s initial approval from Dubai’s Virtual Assets Regulatory Authority marks an important milestone for the South African cryptocurrency exchange. With aspirations of serving a global audience, Valr recognizes the significance of Dubai as a forward-thinking jurisdiction with a thriving crypto ecosystem. While Valr cannot offer virtual asset services just yet, this approval sets the stage for future expansion into new markets. By working closely with regulators and prioritizing responsible innovation, Valr aims to bring its products and services to customers worldwide under the oversight of VARA. The approval from VARA demonstrates Valr’s commitment to compliance and its determination to establish a strong foothold in the Middle East and beyond.
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