Fasset Secures Virtual Asset Service Provider License in Dubai

The digital asset investing platform Fasset has secured a license to function as a Virtual Asset Service Provider (VASP) in Dubai, marking a noteworthy accomplishment. According to Dubai’s public register, the clearance enables Fasset to serve a wide spectrum of investors, including institutional, qualified, and retail clients.

The three main steps in Fasset’s licensing process were obtaining a provisional permission, a preparatory license, and then the much-desired operational license. Following the third stage’s successful conclusion, Fasset FZE is now qualified to provide broker-dealer services. Furthermore, the business is prepared to work with Dubai’s Virtual Asset Regulatory Authority (VARA) to offer tokenized bonds and stocks.

Global Expansion and Real-Life Use Cases

When Fasset announced zero-fee trading for subscribers in six Gulf Region nations in 2020, the news grabbed attention. The startup also unveiled what it claimed to be the first operating system ever created on the Ethereum blockchain, emphasizing moral funding for environmentally friendly infrastructure.

Fasset has refined its approach over time to provide practical use cases to a wide range of clients. Notably, the platform has obtained licenses and authorizations to operate within the European Union and prioritizes compliance. Fasset partnered with Mastercard Indonesia in August to extend its presence in Indonesia.

Fasset views the permission from Dubai’s Virtual Asset Regulatory Authority (VARA) as a turning point. The approval of VARA holds great significance in the worldwide licensing environment, as highlighted by CEO Mohammad Raafi Hossain. He emphasized how it links areas such as Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey, offering critical connectivity.

Fasset was founded by a group of people with previous expertise in the Prime Minister’s Office of the United Arab Emirates, and they started the first conversations on cryptocurrency regulation. Fasset, which had its headquarters in London during the COVID-19 epidemic, has now changed to become a dual-headed organization with offices in Indonesia and Dubai, which reflects the platform’s aspirations to go worldwide.