Blockchain-Based Fasset Secures Operational License in Dubai for Tokenized Offerings

Digital asset brokerage Fasset FZE has received a Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE.

According to the press release, the operational license is the final stage in VARA’s approval process. It authorizes the company to provide digital asset broker-dealer services to retail and institutional investors, in and from Dubai, to a global customer base.

This VASP “is authorised for specific activities and product types,” VARA said on its website. The regulator stresses the importance of checking the full record of the regulated activities the company is allowed to do.

Meanwhile, the company stated that,

“Through its super-app, Fasset aims to provide the next billion with economic opportunity and access to buy, sell, send, store and do more with digital assets such as bitcoin and real-world asset tokens.”

The Fasset Connect’ solution, said the brokerage, positions the company as a catalyst for faster user aquissiton and industry-wide digital transformation, it said.

Fasset will begin a beta launch next month and rollout to customers in January 2024.

Besides the license acquisition, Fasset has announced an investment from alternative asset manager Investcorp.

“The license approval comes at the same time as Investcorp’s investment in Fasset, ahead of its imminent Series B round and highlights growing institutional interest in blockchain technology in the region.”

Fasset did not disclose the potential funding amount.

The Middle East is Becoming an Attractive Crypto Hub

Many crypto companies are starting to see the Middle East in general and Dubai and particular as an emerging cryptocurrency hub.

Consequently, the VARA license has also become quite attractive. Major companies within the crypto industry received viable product or VASP licenses. These include Binance, Bybit, Ripple, Crypto.com, OKX, Huobi, and others.

Fasset CEO Mohammad Raafi Hossain commented that the license bolstered the company’s “focus on enabling people across emerging markets to access […] digital assets.” He added,

“As one of the most progressive regulatory frameworks in the world, the VARA approval is a crucial link in our global licensing portfolio, connecting places like Indonesia, Malaysia, Bangladesh, Pakistan and Turkey.”

Headquartered in the UAE and Indonesia, Fasset is a digital asset investment platform for emerging markets.

Prior to the company’s establishment in 2019, its founding team had worked at the UAE Prime Minister’s Office across regulations for emerging technologies. Therefore, they started the initial conversations for crypto regulation early, they said.

Fasset says it offers real-life use cases facilitated through digital assets, underpinned by blockchain technology.

Furthermore, it prioritizes “secure and stable cryptocurrencies” such as bitcoin (BTC) and ethereum (ETH), stablecoins, and tokenized commodities and precious metals.

To increase its accessibility, the firm collaborates with various corporate entities. This incudes telecos, digital banks, wallet providers, wealth managers, fintechs, and asset managers.

Learn more: Fasset Collaborates with Mastercard