Fasset, a digital asset investment platform, has won a license to operate in Dubai as a Virtual Asset Service Provider (VASP), allowing it to serve institutional, qualified, and retail investors, Dubai's public register shows.
Receiving a full license involves three stages: a provisional permit, a preparatory license, and an operating license. Fasset FZE has completed the third stage and will now also be in a position to provide broker-dealer services and provide tokenized bonds and stocks in close collaboration with Dubai's Virtual Asset Regulatory Authority (VARA).
In 2020, Fasset announced it would offer zero-fee trades to users in six countries in the Gulf Region and launched what it called the world’s first operating system built on the Ethereum blockchain dedicated to the ethical financing of sustainable infrastructure.
Since then, it has focused on prioritizing real-life use cases for a wide range of customers and creating compliant remittance corridors. It has secured licenses and authorizations to operate in the European Union and launched in Indonesia in August, where it partnered with Mastercard Indonesia.
"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," said Fasset CEO Mohammad Raafi Hossain.
Fasset's founding team previously worked at the United Arab Emirates Prime Minister’s Office, starting the initial conversations for crypto regulation.
During the COVID-19 pandemic, Fasset was headquartered in London but it has since become dual-headquartered in Indonesia and Dubai.