Why South Africa May Leapfrog the World in Bitcoin Adoption: Interview With VALR CMO Ben Caselin

As the global crypto landscape matures, Africa is undoubtedly emerging as one of the hottest regions to watch – where regulatory clarity, grasroots adoption, and institutional interest are starting to covnerge.

Positioning itself at the centr of this transformation, VALR is a Johannesburg-based exchange that’s now leading the continent in terms of trading volumes.

In the following interview, Ben Caselin, the Chief Marketing Officer at VALR, as well as a veteran of crypto hubs such as Hong Kong and Dubai, shares his perspective on the state of Bitcoin adoption in underserved communities, the evolving role of decentralized finance, and why integrity as opposed to hype may be crypto’s biggest asset.

How would you characterize the current state of the cryptocurrency market in South Africa, and what unique challenges or opportunities does it present?

The South African market for crypto has come a long way and is well-positioned to see more growth in the coming years. 

Crypto adoption, particularly around stablecoins and Bitcoin, is taking place at all levels of society. There are numerous projects driving the uptake of Bitcoin in townships and among communities who have for too long been excluded from the traditional financial system. 

At the same time, we have seen pronounced institutional interest in crypto assets, from companies adding Bitcoin to their treasuries and remittance companies looking to leverage stablecoin infrastructure, to banks looking into expanding their services to accommodate for crypto. 

With regulatory frameworks evolving globally, how is VALR navigating the changing regulatory landscape in South Africa and other markets where you’re expanding?

In South Africa, already for years, VALR has closely worked with the country’s regulator, the FSCA, and we maintain healthy communication channels. In my view, South Africa’s regulatory regime is among the world’s foremost, perhaps even better than those in places like Singapore or Hong Kong.  

We do also have approval, through Poland, to offer crypto services in the European Union, but regulatory developments in Europe have been somewhat constrained. We continue to follow such developments closely. At the same time, we are exploring other licenses that can make it easier for VALR to pursue global expansion.

What trends are you observing around institutional adoption of crypto in South Africa and across the African continent?

In South Africa, especially since the FSCA’s licensing regime has come into effect, we have seen interest from a range of financial services providers looking to expand their offerings to their customers. 

We are partnering with several remittance companies, where VALR provides the necessary infrastructure and liquidity and, similarly, we are closely working with some of the largest banks in Africa to assist them in expanding their services to include crypto as well. We are not yet in a position to give any more information, but we do expect to make announcements around these developments in the next few months. 

I believe that within the next two to three years, we will see most major banks in Africa offer access to bitcoin and USD-pegged stablecoins to their customers, and all major remittance companies leverage crypto infrastructure to optimise for cross-border payments. 

How does VALR approach the integration or support of decentralized finance (DeFi) within its ecosystem, and what role do you see DeFi playing in Africa’s financial future?

We hold the view that DeFi is here to stay, but also that from a user experience perspective, DeFi is not for everyone. 

On VALR, we have recently launched ‘DeFi Lending’, making it very easy for customers to earn a yield on their stablecoins and tokens by lending out their assets on platforms like Aave, without actually having to leave the VALR platform at all. This is one of the ways in which we are working to make crypto accessible to more and more people from all walks of life.

What specific measures does VALR take to ensure the security of customer assets and data, particularly given the rise in cyber threats targeting exchanges?

VALR takes security very seriously. We have a strong and pro-active security team who monitors activities at all levels of operation. We also work with external security firms for regular penetration testing, and constantly tighten security based on evolving threats. Other than that, we don’t share details about the specific measures we take. 

How do you balance innovation and compliance in a space that is constantly evolving and often ahead of regulation?

We strive to balance innovation and compliance through communication. We are  law-abiding, we don’t go where we are not welcome, and we believe that being compliant is the surest way to protect customers over the long term. 

We are also relatively conservative when it comes to token listings and leveraged trading and even our marketing spend is measured. We aim to establish VALR as a trusted financial institution that can be around for decades. 

Perhaps most importantly, VALR is a values-driven organisation, which means that we never compromise on our values for the sake of profit. Instead, we believe that principles like truthfulness, integrity and service set us up for long-term growth and will guide us well into the future. 

As VALR expands internationally, how do you plan to maintain trust, transparency, and alignment with local financial and legal standards across jurisdictions?

From day one, which is now over 7 years ago, VALR has upheld the highest standards of integrity – this makes it easier for us to obtain licenses as they become available around the world, since we are compliant by default.

In other words, unlike some of our competitors, we don’t go around breaking rules and then proceed to get our act together as regulation takes shape. Instead, forfeiting superficial growth we take a gradual approach to global expansion and prioritise doing so in a safe and sustainable manner. This has worked well for VALR and continues to be our approach into the future. 

Disclaimer: The content shared in this interview is for informational purposes only and does not constitute financial advice, investment recommendation, or endorsement of any project, protocol, or asset. The cryptocurrency space involves risk and volatility. Readers are encouraged to conduct their own research and consult with qualified professionals before making any financial decisions. This interview was conducted in cooperation with VALR, who generously shared their time and insights. The content has been reviewed and approved for publication in mutual understanding. Minor edits have been made for clarity and readability, while preserving the substance and tone of the original conversation.