- Fasset has obtained a Virtual Asset Service Provider (VASP) license in Dubai, enabling it to cater to institutional, qualified, and retail investors.
- The completion of the licensing process positions Fasset to offer broker-dealer services and tokenized bonds and stocks, in collaboration with Dubai’s Virtual Asset Regulatory Authority (VARA).
Fasset’s Licensing Milestone in Dubai
Fasset, a prominent digital asset investment platform, has successfully acquired an operational license in Dubai, marking a significant advancement in its capacity to serve a wide spectrum of investors. As per Dubai’s public register, Fasset FZE has fulfilled all the requirements of the three-stage licensing process, which includes a provisional permit, a preparatory license, and an operating license.
Expanding Services in the Virtual Asset Arena
With this license, Fasset is poised to expand its services, which will encompass broker-dealer activities and the provision of tokenized bonds and stocks. This expansion is set to occur in close collaboration with Dubai’s Virtual Asset Regulatory Authority (VARA), signifying a strategic partnership within one of the world’s most progressive regulatory frameworks for virtual assets.
Fasset’s Journey and Global Expansion
Fasset’s journey began in 2020, when it launched zero-fee trades in six Gulf Region countries and introduced what it described as the world’s first operating system built on the Ethereum blockchain dedicated to ethical financing of sustainable infrastructure. Since then, the platform has focused on real-life use cases, compliant remittance corridors, and has acquired licenses to operate in the European Union. In August, Fasset expanded into Indonesia, partnering with Mastercard Indonesia, further demonstrating its commitment to global growth.
A Link in a Global Licensing Chain
Fasset’s CEO, Mohammad Raafi Hossain, highlighted the significance of the VARA approval, noting it as a critical component in their global licensing strategy. The approval connects Fasset’s operations across various countries, including Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey, illustrating its expansive reach in the digital asset market.
Fasset’s Founding and Evolution
The founding team of Fasset has roots in the United Arab Emirates Prime Minister’s Office, where they initiated the early discussions for crypto regulation. Originally headquartered in London during the COVID-19 pandemic, Fasset has since adopted a dual-headquartered approach, basing its operations in both Indonesia and Dubai.
Fasset’s acquisition of the operational license in Dubai marks a pivotal moment in its journey, enhancing its ability to offer diverse digital asset services. This achievement not only bolsters Fasset’s position in the virtual asset sector but also contributes to the evolving landscape of digital asset investment and regulation globally.