Digital Asset Investment Platform Fasset Receives Operational License in Dubai
Fasset, a digital asset investment platform, has been granted an operational license by the Dubai Virtual Asset Regulatory Authority (VARA). The license allows Fasset to legally provide broker-dealer services in Dubai. The platform is authorized to serve local institutional investors, qualified investors, and retail investors. Initially based in London, Fasset now operates in Indonesia and Dubai, offering its services in multiple countries including Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.
VARA Expands Operations and Grants Licenses to Crypto Companies
The VARA is the regulatory authority responsible for enforcing regulations on digital assets in Dubai. In November, VARA underwent leadership changes as it prepared to expand operations and ramp up full-scale market operations in 2024. Several prominent crypto companies, including Binance, Bybit, Laser Digital Middle East, OKX, Crypto.com, and Huobi have received VASP licenses from regulators in Dubai.
United Arab Emirates Tightens Rules on Unlicensed VASPs
The United Arab Emirates recently announced plans to tighten its rules on unlicensed Virtual Asset Service Providers (VASPs) and impose fines on noncompliance. The new guidance emphasizes the expectation for licensed financial institutions and VASPs to report transactions from suspicious parties through whistle-blowing mechanisms.
Hot Take: Dubai Continues to Embrace Crypto Industry
Dubai’s Virtual Asset Regulatory Authority’s decision to grant operational licenses to Fasset and other prominent crypto companies reflects the city’s growing acceptance of the crypto industry. By expanding operations and tightening regulations on unlicensed VASPs, Dubai aims to create a secure environment for digital asset investments. With its strategic location and favorable business environment, Dubai has the potential to become a significant hub for the crypto market in the Middle East. The licensing of Fasset and other companies demonstrates Dubai’s commitment to fostering innovation and attracting global players in the crypto space.