Digital asset brokerage Fasset FZE has announced that it has been granted a Virtual Asset Services (VASP) license by the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE. The license is the final stage of VARA’s approval process, which authorizes the firm to provide virtual asset broker-dealer services to both retail and institutional investors in and from Dubai, to a global client base.
Fasset said it stands out by prioritizing real-life use cases for a wide range of customers, facilitated through digital assets and supported by blockchain technology. Fasset prioritizes safe and stable cryptocurrencies such as native blockchain top-tier assets (Bitcoin, Ethereum), tokenized commodities and precious metals, as well as fiat currencies (stablecoins). It is also partnering with corporate entities such as telcos, digital banks, wallet providers, wealth managers, fintechs and asset managers to increase its accessibility. The ‘Fasset Connect’ solution positions Fasset as a catalyst for industry-wide digital transformation and a faster way to acquire users.
Fasset will begin a beta release next month and roll out to customers in January 2024.
Fasset CEO Mohammad Raafi Hossain comments:
“Fasset’s focus on enabling people from emerging markets to access digital assets is strengthened by this license from VARA. As one of the most progressive regulatory frameworks in the world, VARA approval is a critical link in our global licensing portfolio, connecting places like Indonesia, Malaysia, Bangladesh, Pakistan and Turkey. It will enable Fasset users to confidently and securely send their assets from regions such as the GCC to Asia, one of the most profitable and active remittance corridors in the world, while enabling our users to save, invest and grow their wealth in a sustainable and ethical way.”
Cooperation with regulators in all markets has been central to Fasset’s strategy. Prior to founding the company in 2019, Fasset’s founding team worked at the UAE Prime Minister’s Office on regulatory issues for emerging technologies and initiated initial discussions on cryptocurrency regulation early on, realizing the importance of compliant, collaborative frameworks for promoting innovation for the UAE.
The approval of the license comes at the same time as Investcorp’s investment in Fasset, ahead of its upcoming Series B round, and highlights the growing institutional interest in blockchain technology in the region.
About Fasset
Fasset is an emerging market digital asset investment platform with dual headquarters out of the UAE and Indonesia. Through its hyper-app, Fasset aims to provide the next billion with financial opportunity and access to buy, sell, ship, store and do more with digital assets like bitcoin and real-world asset tokens. Fasset offers seamless access to digital assets, giving people in borderless markets the knowledge and tools to build a better future.