Fasset Unveils Government-Approved Ethereum Layer-2 Blockchain: IOWN 🌟
Fasset, a fintech firm operating within the UAE, has successfully launched IOWN, a government-sanctioned Ethereum layer-2 blockchain in Malaysia. Designed specifically for the creation, management, and distribution of Real World Assets (RWA), IOWN heralds a significant advancement in the blockchain sector.
Fasset and Malaysia’s Regulatory Backing for IOWN 🚀
Fasset has debuted **IOWN**, the premier Ethereum layer-2 solution approved by local government authorities in Malaysia. This major step forward has been made possible through the approval of the company’s Credit Token License by the Labuan Financial Services Authority (Labuan FSA), the regulatory body overseeing the Labuan International Business and Financial Centre (IBFC).
The IOWN initiative emphasizes ownership of real-world assets, with the name reflecting its focus on personal asset ownership. This blockchain serves as the first Ethereum layer-2 supported by a government entity and is specifically directed at the development and management of RWAs.
The primary aim of IOWN is to establish a trustworthy ecosystem for projects and users who want to interact with a broad spectrum of RWAs, spanning commodities, real estate, and publicly traded stocks and bonds.
Furthermore, Fasset envisions creating 30 million asset owners via the IOWN platform by the year 2030.
Features of the IOWN Blockchain 🌐
What sets IOWN apart is its regulatory framework. The establishment of this Ethereum layer-2 blockchain allows developers to create an environment that fulfills various legal, regulatory, and operational requirements associated with diverse asset classes.
For users, IOWN delivers a decentralized, open-source, and immutable platform, enabling straightforward and secure investment opportunities in selected assets.
Mohammad Raafi Hossain, the CEO and co-founder of Fasset, expressed the company’s vision by saying:
“Our mission is to promote a future where financial inclusion and empowerment are not privileges but universal rights. The launch of IOWN is a huge step forward towards this ambition of bringing previously inaccessible opportunities to emerging markets. With IOWN, the promise of blockchain is fully realized – not just technological innovation, but also a tangible impact on global economic disparity, lighting the way for a future where everyone shares in the fruits of the digital economy.”
In addition, Nik Mohamed Din Nik Musa, the Director General of Labuan FSA, highlighted that IOWN aligns perfectly with the Masterplan for the Labuan Shariah-Compliant Blockchain Hub, reinforcing Malaysia’s goal to develop the Labuan IBFC into a vibrant digital financial center.
Fasset has accumulated a diverse array of licenses for digital assets across various emerging markets, bridging regions such as the UAE, Indonesia, Malaysia, Bangladesh, Pakistan, and Turkey.
Progress in Layer-2 Solutions 📈
Recent discussions indicate that layer-2 solutions are significantly enhancing Ethereum’s performance. By forming a landscape of L2 chains built atop the primary layer-1 blockchain, numerous challenges facing Ethereum, such as scalability and interoperability, are being addressed.
While advancements are evident, the increasing number of these networks can lead to vulnerabilities such as liquidity fragmentation. This phenomenon complicates the crypto ecosystem, making it appear more dispersed than ever.
Conclusion: The Future of IOWN and Blockchain 🌍
In summary, the launch of IOWN by Fasset marks a pivotal moment in the integration of regulatory support within the broader blockchain ecosystem. The platform not only aims to enhance trust and accessibility for asset ownership but also strives to bridge the gap between traditional finance and emerging technological opportunities.
With its ambitious goal of fostering financial inclusion, IOWN’s impact could resonate throughout markets in emerging economies, empowering millions with newfound financial opportunities.
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