In a significant development for the crypto investment landscape, Fasset, a leading platform, has successfully obtained a Virtual Asset Service Provider (VASP) license in Dubai. This milestone empowers Fasset to cater to a diverse clientele, including institutional investors, qualified investors, and retail investors, marking a pivotal moment in the company’s global expansion.
The licensing process involves three crucial stages: a provisional permit, a preparatory license, and the coveted operating license. Fasset FZE has now completed the third stage, positioning itself to offer broker-dealer services and introduce tokenized bonds and stocks in collaboration with Dubai’s Virtual Asset Regulatory Authority (VARA) in the foreseeable future.
Dubai Greenlights Fasset’s Crypto-Driven Digital Asset Investment
Back in 2020, Fasset made headlines by announcing zero-fee trades for users across six Gulf Region countries. The platform also unveiled what it proudly proclaimed as the world’s first operating system built on the Ethereum blockchain, dedicated to the ethical financing of sustainable infrastructure.
Fasset’s strategic focus since then has been on practical applications, addressing the needs of a diverse customer base, and establishing compliant remittance corridors. The platform has successfully obtained licenses and authorizations to operate within the European Union and made a noteworthy entry into Indonesia in August. The Indonesian venture included a strategic partnership with Mastercard Indonesia, reinforcing Fasset’s commitment to fostering collaborations for sustainable growth.
CEO Mohammad Raafi Hossain highlighted the significance of the VARA approval, emphasizing Dubai’s status as one of the most progressive regulatory frameworks globally. This approval serves as a crucial link in Fasset’s global licensing portfolio, connecting various regions like Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.
The roots of Fasset’s engagement with regulatory bodies trace back to its founding team’s tenure at the United Arab Emirates Prime Minister’s Office, where initial conversations about crypto regulation began.
Notably, Fasset weathered the challenges posed by the COVID-19 pandemic, initially being headquartered in London but later adopting a dual headquarters model in Indonesia and Dubai. This strategic move aligns with Fasset’s commitment to fostering a global presence and engaging with diverse markets.
With the newly acquired operational license in Dubai, Fasset is poised to further reshape the crypto investment landscape, bringing innovative and ethical financial solutions to investors across the spectrum.