South African cryptocurrency exchange VALR has been granted Category I and II licenses by the Financial Sector Conduct Authority (FSCA).

VALR is among the first crypto firms to be approved by the FSCA after it expanded its oversight to include cryptocurrencies in 2023.

The exchange is valued at $240 million and caters to over 1,000 corporate clients and more than 500,000 crypto traders globally.

VALR CEO Farzam Ehsani hailed the licensing as a significant step forward for regulatory acknowledgment in South Africa.

Other crypto firms like Luno and Zignaly have also received licenses from the FSCA.

South Africa's Advertising Regulatory Board has updated its guidelines to ensure crypto investment adverts accurately represent the risks involved.