Dubai’s public register reveals that Fasset, a digital asset investment platform, has been granted permission to function in Dubai as a Virtual Asset Service Provider (VASP), enabling it to cater to institutional, qualified, and retail investors.
A provisional permit, a preparatory licence, and an operating licence are the three steps involved in obtaining a full licence. Having successfully finished the third phase, Fasset FZE will now be able to work closely with Dubai’s Virtual Asset Regulatory Authority (VARA) to offer tokenized stocks and bonds as well as broker-dealer services.
In 2020, Fasset launched what it referred to as the world’s first operating system built on the Ethereum blockchain dedicated to the ethical financing of sustainable infrastructure. It also announced that it would provide zero-fee trades to users in six Gulf Region countries.
Since then, it has prioritised the creation of compliant remittance corridors and real-world use cases for a diverse range of customers. It launched in August in Indonesia in collaboration with Mastercard Indonesia after obtaining the necessary licences and authorizations to conduct business in the European Union.
“As one of the most progressive regulatory frameworks in the world, the VARA approval is a crucial link in our global licencing portfolio, connecting places like Indonesia, Malaysia, Bangladesh, Pakistan and Turkey,” Mohammad Raafi Hossain, CEO of
The founding team of Fasset first had discussions about cryptocurrency regulation while they were employed at the Prime Minister’s Office of the United Arab Emirates.
Fasset had its headquarters in London during the COVID-19 pandemic, but it now has two locations: one in Indonesia and one in Dubai.