South Africa is starting to sink its teeth into the world of cryptocurrencies and blockchain technology. VALR has just launched and promises to be South Africa’s biggest and most robust crypto exchange. With more than 50 cryptocurrency pairs available, VLAR boasts the largest range of tradable crypto pairs in the country and it’s planning on adding a whole lot more very soon.
South Africa Keeping Up with Major Crypto Players
South Africa isn’t really known as a big crypto lover and it’s not often in the crypto media. However, it’s been working under the radar to create a rather crypto-friendly jurisdiction that has clear cut rules and regulations surrounding some rather controversial subjects. In fact, South Africa was one of the first nations to create clear-cut VAT laws, deeming crypto activities as VAT exempt.
More Coming Soon
As VLAR has only just launched, it’s to be expected that its full range of services isn’t currently available. Currently users can initiate simple trades using a clean and user-friendly interface. More experienced traders that look for technical analysis tools and more complicated trades – such as stop loss orders – won’t have to wait long though, a more in-depth user-interface is set to launch in the coming months. On top of this, business trading and a mobile app for Android and iOS are all set to launch in the coming months too.
Removing the KYC Headache
VLAR complies with all international KYC regulations, but it’s using the latest AI technology to speed up this process up, meaning you can get verified and start trading in as little as five minute.
The KYC process can get infuriating, especially if you want multiple accounts with multiple exchanges – not to mention the huge delays you will endure as a human vets your application. By using AI, VLAR helps to skirt around these delays and any biased application rejections.
Bitcoin Seeing More Uses in South Africa
As Bitcoin becomes more popular around the world, people find all sorts of uses for it. Unfortunately, a group of kidnappers in South Africa ransomed a businessman for 50 BTC. The family quickly paid the kidnappers for the safe release of the businessman, and authorities managed to trace the kidnappers thanks to KYC processes on the crypto to fiat exchange where they cashed out the Bitcoin. Bitcoin is helping solve the issue of crimes like this thanks to its traceability and transparency, as such it can be used as a weapon against this terrifying practice.
VALR is great news for all South African crypto lovers, as they now have a sleek and easy way to get their hands on more coins. As the crypto markets continue to slump, there is lots of potential to grab a great bargain, with VALR letting South Africans do just that.