Valr, a South Africa-based crypto exchange, recently said it has won initial approval from Dubai's virtual assets regulator. The crypto exchange’s Head of Growth, Blake Player, said Valr was attracted by the significant crypto flows in the Middle East region and in particular Dubai’s growing reputation “as a forward-thinking and pragmatic jurisdiction.”
Valr Cannot Offer Any Virtual Asset Services Yet
South African cryptocurrency exchange Valr recently said it had “won preliminary approval” from Dubai’s crypto assets regulator, the Virtual Assets Regulatory Authority (VARA). According to the crypto exchange, winning this approval is an important step for Valr as it looks to build its presence outside South Africa. But the agreement “does not yet authorize Valr to perform any virtual asset services.”
Explaining the reasons behind the decision to seek an operating license from VARA, crypto exchange CEO Farzam Ehsani highlighted VARA's role as the world's leading regulator and his company's desire to reach a more global audience.
“Over the past 5 years, VALR has worked closely with regulators to inform a regulatory framework that protects the public while enabling responsible innovation to thrive. "This initial approval from VARA is an important milestone for VALR to bring our products and services to a more global audience under the auspices of the world's leading regulator," said Ehsani.
Dubai's Reputation as a Forward-Thinking Jurisdiction
In early 2022, Valr said it had successfully raised $50 million in a Series B funding round led by Pantera Capital. At the time, the crypto exchange said the capital raised would be used to expand into other African markets and emerging markets such as India. Valr also said it would add more products and services to its customers.
