Written by Amito Singh
The license will enable Fasset to serve institutional, accredited and retail investors.
Digital asset investment platform Fasset has been granted a license to operate as a virtual asset service provider (VASP) in Dubai, Dubai’s public register shows, enabling it to provide services to institutional, accredited and retail investors.
Obtaining a formal license involves three stages: a provisional license, a pre-license, and an operating license. Fasset FZE has completed the third stage and will work closely with the Dubai Virtual Asset Regulatory Authority (VARA) in the future to provide broker-dealer services and offer tokenized bonds and stocks.
In 2020, Fasset announced that it would provide zero-fee transactions to users in six countries in the Gulf region and launched what it called the world’s first Ethereum blockchain-based operating system dedicated to the ethical financing of sustainable infrastructure.
Since then, it has focused on prioritizing real-life use cases for a wide range of customers and creating compliant remittance corridors. The company has obtained licenses and authorizations to operate in the European Union and launched in Indonesia in August, partnering with Mastercard Indonesia.
Mohammad Raafi Hossain, CEO of Fasset, said: “As one of the most advanced regulatory frameworks in the world, VARA’s approval is an important link in our global licensing portfolio, connecting locations such as Indonesia, Malaysia, Bangladesh, Pakistan and Turkey.”
Fasset’s founding team previously worked in the United Arab Emirates’ Prime Minister’s Office, where they began initial conversations on cryptocurrency regulation.
During the COVID-19 pandemic, Fasset was based in London but has since moved to dual headquarters in Indonesia and Dubai.