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Digital Asset Investment Platform Fasset Wins Operational License in Dubai
The licence will allow Fasset to serve institutional investors, qualified investors and retail investors.
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 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 the future.
STORY CONTINUES BELOW
Read More: Dubai: Launching a Crypto Regulatory Arm to Become a Global Financial Power
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.
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
