First National Bank Launches Crypto Trading via VALR
First National Bank (FNB), a major South African bank with $50 billion in assets, has added cryptocurrency trading to its share trading platform through the local crypto exchange VALR. Customers can now buy and sell five cryptocurrencies, including Bitcoin, Ether, XRP, Solana, and USDT, starting from R10 ($0.6).
While FNB allows trading within its platform, it restricts customers from transferring these assets to other exchanges or their own crypto wallets, as well as from transferring crypto assets from external wallets. This development comes as South Africa has adopted a less restrictive stance towards cryptocurrency compared to Nigeria and Kenya.
The country's regulatory journey began in 2022 when cryptocurrencies were classified as financial products under the Financial Advisory and Intermediary Services (FAIS) Act, leading to the licensing of over 200 crypto businesses and fostering confidence among banks to engage with crypto operators.
Plus234Feed summary based on reporting from TechCabal. Read the original report below.
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