Fasset Secures Dubai Licence for Digital Asset Investment Operations

• Fasset Earns License as a Virtual Asset Service Provider in Dubai
• Obtaining a Full License: A Three-Stage Process
• Fasset's Expansion and Offerings
• Significance of VARA Approval
• Background of Fasset's Founding Team
• Fasset's Operations During the Pandemic

Fasset Earns License as a Virtual Asset Service Provider in Dubai

Renowned digital asset investment platform, Fasset, has been granted a license to function as a Virtual Asset Service Provider (VASP) in Dubai. The latest update is disclosed by the city's public register. With this license, the platform will now cater to institutional, qualified, as well as retail investors.

Obtaining a Full License: A Three-Stage Process

Obtaining a full license is a process that entails three stages, namely a provisional permit, a preparatory license, and finally, an operating license. Fasset FZE has concluded the final stage and is now set to provide broker-dealer services. In addition to this, they will also offer tokenized bonds and stocks, working closely with the Virtual Asset Regulatory Authority (VARA) in Dubai.

Fasset's Expansion and Offerings

In the year 2020, Fasset revealed its plans to provide zero-fee trades to users from six countries within the Gulf Region. It also unveiled what it referred to as the world's first operating system constructed on the Ethereum$2,315 -2.42% blockchain, dedicated exclusively to the ethical financing of sustainable infrastructure.

Since then, the platform has concentrated on highlighting real-life use cases for a broad spectrum of customers and developing compliant remittance corridors. Fasset has managed to secure licenses and authorizations for operations in the European Union and made its debut in Indonesia in August. In Indonesia, it had a successful partnership with Mastercard Indonesia.

Significance of VARA Approval

Mohammad Raafi Hossain, Fasset CEO, has praised the VARA approval, describing it as a key link in their global licensing portfolio and connecting regions such as Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.

Background of Fasset's Founding Team

The founding team of Fasset has a noteworthy background which includes employment at the United Arab Emirates Prime Minister's Office. It was here that the initial discussions for cryptocurrency regulation were initiated.

Fasset's Operations During the Pandemic

Fasset's headquarters were situated in London during the COVID-19 pandemic. However, it has since transitioned to having dual headquarters in both Indonesia and Dubai.

Edited by Jonathan Stoker