Digital Asset Brokerage Fasset Receives VASP License in Dubai
Digital asset brokerage Fasset FZE has obtained a Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE. The license allows Fasset to offer digital asset broker-dealer services to both retail and institutional investors globally.
Details of the VASP License
The VASP license granted to Fasset by VARA authorizes specific activities and product types. VARA emphasizes the importance of checking the full record of regulated activities allowed for the company.
Fasset’s Super-App and Solution
Fasset aims to provide economic opportunities and access to digital assets through its super-app. The company’s solution, called Fasset Connect, positions it as a catalyst for faster user acquisition and industry-wide digital transformation.
Beta Launch and Investment from Investcorp
Fasset plans to launch a beta version next month and make it available to customers in January 2024. Additionally, the company has received an investment from alternative asset manager Investcorp.
The Middle East: A Growing Crypto Hub
The Middle East, especially Dubai, is emerging as an attractive cryptocurrency hub. Many major crypto companies have obtained VASP licenses in the region, including Binance, Bybit, Ripple, Crypto.com, OKX, and Huobi.
Fasset’s Focus on Emerging Markets
According to Fasset CEO Mohammad Raafi Hossain, the VARA license strengthens the company’s focus on enabling people in emerging markets to access digital assets. The approval connects multiple countries within Fasset’s global licensing portfolio.
About Fasset
Fasset is a digital asset investment platform for emerging markets, headquartered in the UAE and Indonesia. The company prioritizes secure and stable cryptocurrencies such as Bitcoin and Ethereum, as well as tokenized commodities and precious metals. Fasset collaborates with various corporate entities to increase accessibility.
Hot Take: Dubai’s Growing Crypto Landscape
Dubai is rapidly establishing itself as a prominent player in the global cryptocurrency industry. With its progressive regulatory framework and increasing institutional interest, the city has become an attractive hub for crypto companies. The recent issuance of a VASP license to Fasset further strengthens Dubai’s position in the crypto landscape, highlighting its commitment to fostering innovation and driving digital transformation. As more companies establish a presence in Dubai, we can expect continued growth and development in the region’s crypto ecosystem.
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