Fasset Secures License to Operate as Virtual Asset Service Provider in Dubai

According to CoinDesk, digital asset investment platform Fasset has obtained a license to operate as a Virtual Asset Service Provider (VASP) in Dubai. The license allows Fasset to serve institutional, qualified, and retail investors. The company has completed the three-stage licensing process, which includes a provisional permit, a preparatory license, and an operating license. Fasset FZE will now also be able to provide broker-dealer services and offer tokenized bonds and stocks in collaboration with Dubai's Virtual Asset Regulatory Authority (VARA). In 2020, Fasset announced plans to offer zero-fee trades to users in six Gulf Region countries and launched the world's first operating system built on the Ethereum blockchain dedicated to the ethical financing of sustainable infrastructure. The company has since focused on prioritizing real-life use cases for a wide range of customers and creating compliant remittance corridors. Fasset has secured licenses and authorizations to operate in the European Union and launched in Indonesia in August, partnering with Mastercard Indonesia. Fasset CEO Mohammad Raafi Hossain stated that the VARA approval is a crucial link in their global licensing portfolio, connecting places like Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey. The company's founding team previously worked at the United Arab Emirates Prime Minister's Office, initiating conversations for crypto regulation. Fasset was headquartered in London during the COVID-19 pandemic but has since become dual-headquartered in Indonesia and Dubai.