- December 2, 2023
- Posted by: [email protected]
- Category:
Digital asset brokerage Fasset FZE has successfully obtained a Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE. This license marks the final step in VARA’s approval process, allowing Fasset to offer digital asset broker-dealer services globally to retail and institutional investors from Dubai.
VARA emphasizes the specificity of Fasset’s authorized activities and product types, encouraging stakeholders to review the complete record of regulated activities. Fasset, through its super-app, aims to provide economic opportunities and access to digital assets such as Bitcoin and real-world asset tokens, targeting the next billion users. The brokerage’s ‘Fasset Connect’ solution positions itself as a catalyst for faster user acquisition and industry-wide digital transformation.
In addition to securing the operational license, Fasset has welcomed an investment from alternative asset manager Investcorp. The license approval aligns with Investcorp’s investment and precedes Fasset’s imminent Series B round, reflecting growing institutional interest in blockchain technology in the region. While the funding amount remains undisclosed, the synergy between regulatory approval and institutional backing underscores the burgeoning cryptocurrency hub in the Middle East, particularly in Dubai.
Fasset plans to initiate a beta launch next month, with a full rollout to customers scheduled for January 2024. The company’s CEO, Mohammad Raafi Hossain, views the VARA approval as a crucial link in their global licensing portfolio, connecting various emerging markets such as Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.
Headquartered in the UAE and Indonesia, Fasset operates as a digital asset investment platform tailored for emerging markets. Established in 2019, the founding team, with prior experience in regulations for emerging technologies at the UAE Prime Minister’s Office, engaged in early conversations about crypto regulation. Fasset focuses on real-life use cases facilitated by digital assets, underpinned by blockchain technology, prioritizing secure and stable cryptocurrencies like Bitcoin and Ethereum, stablecoins, and tokenized commodities and precious metals.
To enhance accessibility, Fasset collaborates with diverse corporate entities, including telecom companies, digital banks, wallet providers, wealth managers, fintech firms, and asset managers. The company’s efforts align with the broader trend of crypto companies recognizing the Middle East, especially Dubai, as an emerging cryptocurrency hub. Major players in the industry, such as Binance, Bybit, Ripple, Crypto.com, OKX, and Huobi, have also received viable product or VASP licenses from VARA, contributing to the region’s growing significance in the crypto space.
