Valr, the South Africa-based crypto exchange, has announced that it has received initial approval from the Dubai virtual assets regulator, the Virtual Assets Regulatory Authority (VARA). This approval marks a significant milestone for Valr as it seeks to establish a presence outside of South Africa. However, the approval does not yet allow Valr to offer any virtual asset services.
According to Blake Player, Head of Growth at Valr, the decision to seek an operating license from VARA was driven by the Middle East region’s significant crypto flows and Dubai’s growing reputation as a forward-thinking and pragmatic jurisdiction. Valr sees setting up in Dubai as an opportunity to serve both the regional market and a global customer base from a crypto and business-friendly jurisdiction.
This initial approval from VARA is a testament to Valr’s ongoing efforts to work closely with regulators and contribute to the development of regulatory frameworks that protect the public while fostering responsible innovation in the crypto industry. Valr’s CEO, Farzam Ehsani, expressed his excitement at the milestone, stating that it brings Valr one step closer to bringing its products and services to a more global audience under the auspices of a world-leading regulator.
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