Fasset FZE, a digital asset investment platform, has been granted a full license to operate in Dubai as a Virtual Asset Service Provider (VASP). The license allows the company to serve institutional, qualified, and retail investors in the region. The license was granted after Fasset completed the third stage of the licensing process, which involves obtaining a provisional permit, a preparatory license, and an operating license. With the license, Fasset will be able to provide broker-dealer services and offer tokenized bonds and stocks in collaboration with Dubai’s Virtual Asset Regulatory Authority (VARA) in the future.
In 2020, Fasset announced its plan to offer zero-fee trades to users in six countries in the Gulf Region. It also launched the world’s first operating system built on the Ethereum blockchain dedicated to the ethical financing of sustainable infrastructure. Since then, Fasset has focused on prioritizing real-life use cases for a wide range of customers and creating compliant remittance corridors. The company has secured licenses and authorizations to operate in the European Union and launched in Indonesia in August, where it partnered with Mastercard Indonesia.
Fasset’s founding team previously worked at the United Arab Emirates Prime Minister’s Office, starting the initial conversations for crypto regulation. The company was headquartered in London during the COVID-19 pandemic but has since become dual-headquartered in Indonesia and Dubai.
The VARA approval is a crucial link in Fasset’s global licensing portfolio, connecting places like Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey. Fasset CEO Mohammad Raafi Hossain said, “As one of the most progressive regulatory frameworks in the world, the VARA approval is a crucial link in our global licensing portfolio, connecting places like Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.”