However, Dubai Virtual Assets Regulator Grants ‘Initial Approval’ to South African Crypto Exchange Valr. The South African cryptocurrency exchange Valr recently announced that the Dubai virtual assets regulator had given it initial approval. Blake Player, the head of growth at the cryptocurrency exchange. Claimed that Valr had been drawn to the Middle East due to the region’s substantial crypto flows. And Dubai’s expanding image “as a forward-thinking and pragmatic jurisdiction.”
Currently, Valr is unable to provide any virtual asset services.
However, the Virtual Assets Regulatory Authority (VARA), However. The virtual assets regulator in Dubai, However. Recently, it was announced that the South African cryptocurrency exchange Valr had “won an initial approval” from them. The cryptocurrency exchange claims that getting this approval is a crucial step for Valr, which is trying to expand outside of South Africa. However, “Valr is not yet permitted to undertake any virtual asset services,” according to the authorization.
Dubai Virtual Assets Regulator Grants ‘Initial Approval. The CEO of the cryptocurrency exchange, However. Farzam Ehsani. He outlined the reasons for applying for an operating license from VARA, emphasizing his company’s international expansion goal and VARA’s position as a world-leading regulator.
“Valr has collaborated extensively with authorities over the past five years to inform regulatory frameworks.
Reputation of Dubai as a Forward-Looking Jurisdiction
However, Early in 2022, Valr announced that a Series B investment round, headed by Pantera Capital, had successfully generated $50 million for the company. Moreover, Valr promised to expand its customers’ range of goods and services.
Blake Player, the head of growth at the cryptocurrency exchange, However. Commented on Valr’s decision to relocate to the Middle East by pointing to the region’s substantial crypto flows, particularly Dubai’s expanding image “as a forward-thinking and pragmatic jurisdiction.”
“Establishing in Dubai offers a fantastic opportunity to serve the regional market and a global clientele from a cryptocurrency and business-friendly jurisdiction.