The digital
asset brokerage Fasset FZE has obtained a Virtual Asset Service Provider (VASP)
license from Dubai’s Virtual Asset Regulatory Authority (VARA). This license
marks the culmination of VARA’s rigorous approval process and permits Fasset to
offer broker-dealer services to a diverse clientele, including both retail and
institutional investors, through its web3-based financial services platform.
The company
focuses on real-world applications of digital assets supported by blockchain
technology. Fasset’s offerings include stable cryptocurrencies, tokenized
commodities, precious metals, and fiat currencies.
Mohammad
Raafi Hossain, the CEO of Fasset, emphasized the strategic significance of the
VARA license. He noted that it fortifies Fasset’s mission to enable access to
digital assets in emerging markets. This approval is pivotal in Fasset’s global
licensing strategy, facilitating seamless asset transfers across high-traffic
remittance corridors from the Goulf Cooperation Council countries to Asia.
“The VARA
approval is a crucial link in our global licensing portfolio, connecting places
like Indonesia, Malaysia, Bangladesh, Pakistan and Turkey,” added Hossain.
Fasset receives operational license for digital asset ventures in Dubai
— Blockcast AI (@blockcastai) November 30, 2023
For many crypto companies, the Middle East, particularly Dubai, is beginning to emerge as a player that could become a new cryptocurrency hub.
New Investment Round
Fasset has proactively
collaborated with regulatory bodies, a strategy initiated before its
establishment in 2019. The founding team’s prior engagement with the UAE Prime
Minister’s Office in crypto regulation
