Sunday, 16 June 2024

Fasset secures VASP licence

5 min read

Digital asset brokerage Fasset FZE has been granted a virtual asset service provider (VASP) licence from the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE.

The operational licence is the final stage in VARA’s approval process, which authorises the company to provide virtual asset broker-dealer services to both retail and institutional investors in and from Dubai, to a global customer base.

Fasset stands out by prioritising real-life use cases for a wide range of customers, facilitated through digital assets and underpinned by blockchain technology. Fasset prioritises secure and stable cryptocurrencies such as top tier blockchain native assets (Bitcoin, Ethereum), tokenised commodities and precious metals as well as tokenised fiat currencies (stablecoins). Fasset also collaborates with corporate entities such as telecos, digital banks, wallet providers, wealth managers, fintechs, and asset managers to increase its accessibility. Its “Fasset Connect'' solution positions Fasset as a catalyst for industry-wide digital transformation and a faster way to acquire users. Fasset will begin a beta launch next month and rollout to customers in January 2024.

Mohammad Raafi Hossain, CEO of Fasset, comments: “Fasset’s focus on enabling people across emerging markets to access to digital assets is bolstered with this permission from VARA. 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. It will enable Fasset users to confidently and securely send their assets from regions such as the GCC to Asia, one of the most lucrative and active remittance corridors in the world, while also enabling our users to save, invest, and grow their wealth in a sustainable and ethical way.”

Working hand in hand with regulators across markets has been central to Fasset’s strategy. Prior to the company’s establishment in 2019, Fasset’s founding team worked at the UAE Prime Minister’s Office across regulation for emerging technologies and early started the initial conversations for crypto regulation, realising the importance of compliant, collaborative frameworks in driving innovation for the UAE.

The licence approval comes at the same time as Investcorp’s investment in Fasset, ahead of its imminent Series B round and highlights growing institutional interest in blockchain technology in the region.

Re-disseminated by The Asian Banker

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