South African cryptocurrency exchange VALR has achieved a major breakthrough in its global expansion strategy with the initial approval granted by Dubai’s Virtual Asset Regulatory Authority (VARA). VARA, established in 2022, holds the distinction of being the world’s first independent regulatory body overseeing virtual assets within Dubai’s free zones and mainland areas, excluding the Dubai International Financial Centre (DIFC). This approval, although not enabling immediate virtual asset services, signifies a critical milestone for VALR as it aims to establish a virtual asset exchange in Dubai, a pivotal move toward its international objectives.
Since its inception in 2018, VALR has facilitated transactions exceeding $10 billion in trading volume and garnered $55 million in funding. The exchange offers a diverse array of virtual assets for trading, including Bitcoin, and has amassed a customer base comprising over half a million retail clients and 900 corporate and institutional partners worldwide. VALR’s collaboration with regulators over the past five years has resulted in the development of regulatory frameworks that ensure public protection while fostering responsible innovation, according to Farzam Ehsani, Co-Founder and CEO of VALR.
Ehsani expressed VALR’s enthusiasm about the approval from VARA, emphasizing its significance in expanding their products and services to a broader global audience. The company, which secured $50 million in Africa’s largest-ever cryptocurrency funding round in 2022, has identified Asia, the Middle East, and the UAE as promising markets with substantial cryptocurrency activity. Dubai, in particular, stands out as a progressive and pragmatic jurisdiction for crypto businesses, making it an ideal base for VALR to cater to regional and international markets. Blake Player, VALR’s Head of Growth, highlighted Dubai’s reputation as a forward-thinking and crypto-friendly hub, providing an excellent opportunity for VALR to serve a global customer base.
VALR’s journey into the Dubai market underscores its commitment to responsible expansion and adherence to regulatory standards, marking a significant stride in the company’s quest for a prominent presence in the global cryptocurrency landscape.